President Bola Tinubu has asked the Senate to approve a fresh external loan of $20.5 billion and €1.04 billion to fund projects in Nigeria.
The request was contained in a letter read by Senate President Godswill Akpabio during plenary on Tuesday, October 28, 2026.
According to the letter, the loan will be used to fund key infrastructure projects including power, transportation, healthcare, education and agriculture across the country.
The President said the loan is part of the 2026-2027 borrowing plan to fill funding gaps in the budget and create jobs for Nigerians.
However, the request has generated reactions from opposition leaders and Nigerians. Former Vice President Atiku Abubakar said the loan plan will increase Nigeria's debt burden, as the money may push external debt beyond manageable levels.
The Senate has referred the loan request to the Committee on Local and Foreign Debts to review and report back within one week for further legislative action.
Many Nigerians are now waiting to see if the Senate will approve the loan and how the money will be spent to benefit the masses.
What do you think about this new loan request? Is it good for Nigeria?
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