President Bola Tinubu has asked the National Assembly to approve a supplementary external borrowing plan worth $20.52 billion and €1.045 billion to finance infrastructure and development projects across Nigeria in 2026 and 2027.
The President has also transmitted a bill seeking to amend Nigeria’s legal framework for the transfer of convicted offenders between the country and other nations, including countries outside the Commonwealth.
The two proposals were presented to the Senate as lawmakers resumed plenary on Tuesday, with Senate President Godswill Akpabio reading the President’s correspondence to the chamber.
The proposed borrowing comprises $20,517,755,901 and €1,045,083,643 under the Federal Government’s 2026–2027 Supplementary External Borrowing Plan.
Tinubu urged lawmakers to consider and approve the proposal promptly, arguing that additional external financing was necessary to address Nigeria’s infrastructure deficit and bridge funding gaps affecting critical development projects.
In his letter, the President said the proposed funds would support investments in power, transportation, agriculture, healthcare, education, water supply and security, as well as employment generation and public financial management reforms.
He added that the projects had undergone technical and economic assessments and were designed to accelerate economic growth, promote skills acquisition and entrepreneurship, reduce poverty and strengthen national food security.
The proposed investments are expected to cover projects across the 36 states and the Federal Capital Territory.
Senate to scrutinise borrowing plan
Following the presentation of the request, Akpabio referred the proposal to the Senate Committee on Local and Foreign Debts for detailed examination, with the committee expected to report back within one week.
The committee may work with the Senate Committees on Appropriations and Finance during the review.
The legislative scrutiny is expected to examine the scope of the proposed financing, the projects to be funded and the arrangements for securing and repaying the external loans.
The latest borrowing proposal comes amid growing concerns about Nigeria’s public debt and the cost of financing government expenditure.
According to ffigures, the country’s total public debt stood at ₦166.79 trillion as of June 30, 2026, compared with ₦159.35 trillion at the end of March 2026.
The debt stock includes domestic and external obligations owed by the Federal Government, state governments and the Federal Capital Territory.
The proposed borrowing would add to the government’s financing commitments if approved and subsequently drawn down. However, its eventual impact on the debt stock would depend on the amounts approved and accessed, the terms of the facilities and applicable exchange rates.
The administration has argued that external financing is necessary to mobilise resources for infrastructure and other development priorities. The proposed borrowing is likely to attract scrutiny over debt sustainability, repayment obligations and the expected economic returns from the projects.
Tinubu seeks amendment to prisoner-transfer law
In a separate communication, the President transmitted the Transfer of Convicted Offenders (Enactment and Enforcement) Amendment Bill, 2026, to the Senate for consideration.
The proposed legislation seeks to amend the existing Transfer of Convicted Offenders (Enactment and Enforcement) Act, 2004, to facilitate the implementation of agreements between Nigeria and other countries concerning the transfer of convicted persons.
The amendment would provide a legal framework for transferring eligible convicted offenders between Nigeria and foreign jurisdictions, including countries outside the Commonwealth.
A key provision would empower the President to extend the application of the law to countries with which Nigeria has concluded relevant agreements through an order published in the Federal Gazette.
Tinubu urged lawmakers to give the bill expeditious consideration, saying the amendment would enable the government to give effect to international prisoner-transfer arrangements.
The bill was referred to the Senate Committee on Rules and Business for further legislative action.
What the proposed amendment could mean
Prisoner-transfer agreements generally establish the conditions under which eligible offenders may serve their sentences in another country, often their country of nationality or residence.
Such arrangements may facilitate the transfer of eligible prisoners closer to their families and support rehabilitation, while providing a formal legal process for cooperation between participating countries.
Nigeria already has experience with prisoner-transfer arrangements, including its agreement with the United Kingdom. The proposed amendment seeks to facilitate arrangements beyond the Commonwealth, potentially broadening the range of countries with which Nigeria can implement such agreements.
However, the proposed legislation would not automatically guarantee the transfer of every Nigerian convicted abroad. Any transfer would depend on the applicable agreement, eligibility requirements and the relevant legal procedures.
The bill must also pass through the legislative process before it can become law.