President Bola Tinubu has asked the National Assembly to approve a supplementary external borrowing plan of $20.52 billion and €1.04 billion to fund projects and programmes across key sectors of the economy.

The request was conveyed in a letter read by Senate President Godswill Akpabio during plenary on Tuesday.

Tinubu said the proposed loans would finance projects in infrastructure, agriculture, healthcare, education, water supply, security, job creation and financial management reforms.

He said the borrowing plan was aimed at accelerating economic growth and addressing Nigeria’s infrastructure funding gap.

“The total facility for the projects and programmes under the borrowing rolling plan is 20 billion 517 million US dollars and 1 billion 45 million eighty-three thousand six hundred and forty-three euros respectively,” the letter reads.

The president said the projects were selected after technical and economic assessments, with consideration given to their expected contributions to the country’s socio-economic development.

He added that the programmes were expected to generate employment, promote skills acquisition and entrepreneurship, reduce poverty and strengthen food security.

According to Tinubu, most of the projects would be implemented across the 36 states and the Federal Capital Territory.

“In light of the need for significant infrastructure investment in the country and the vast financial resources needed to address this gap, it has become essential to pursue prudent external borrowings to close the financing shortfall,” he said.

“It has become essential to pursue prudent external borrowings to close the financing shortfall. These funds will primarily be directed towards critical infrastructure projects in various sectors including power, transportation and healthcare, amongst others.”

Akpabio said some aspects of the borrowing plan had previously been considered in the budget, while an external borrowing plan had also received approval in an earlier period.

He said the Senate Committee on Local and Foreign Debts would review the request alongside the committees on Appropriation and Finance.

The committees are expected to submit their report to the Senate within one week, after which the chamber will determine the next steps on the president’s request.