Ignatius Okorocha, Abuja
President Bola Tinubu has asked the National Assembly to approve a fresh supplementary external borrowing plan of $20.52 billion and €1.05 billion to fund infrastructure and social projects nationwide.
In a letter to Senate President Godswill Akpabio and read during plenary on Tuesday, Tinubu sought early approval of the Federal Government’s 2026-2027 Supplementary External Borrowing Plan to ensure prompt projects implementation.
In the meantime, the President has asked the Senate to amend Nigeria’s prisoner transfer law to allow convicted offenders to be moved between Nigeria and non-Commonwealth countries.
The President stated that the plan on loans cuts across infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.
According to the President, the total facility amounts to $20,517,755,901 and €1,045,083,643.
“I submit the attached Federal Government 2026-2027 Supplementary External Borrowing Plan for consideration and early approval of the National Assembly to ensure prompt implementation of our projects,” Tinubu wrote.
He said the projects were selected after thorough technical and economic evaluation for their contribution to socio-economic development, aimed at job creation, skill acquisition, entrepreneurship, poverty reduction and food security.
“These initiatives aim to generate employment, promote skill acquisition, foster entrepreneurship, reduce poverty and enhance food security, all of which improve the livelihood of the Nigerian child,” he said.
Tinubu said most of the projects will be implemented across the 36 states and the FCT, noting that huge infrastructure gaps require external borrowing to close financing shortfalls, particularly in power, transportation and healthcare.
In his remarks after reading the letter, Akpabio said the plan featured in earlier approved borrowing arrangements but still required legislative scrutiny.
“The borrowing plan is attached, but of course, this was even earlier approved in our budget, and also the external borrowing plan was approved as far back as 2025 to 2027, I think to 2028 or thereabout,” Akpabio said.
He referred the request to the Senate Committee on Local and Foreign Debts, in collaboration with Committees on Appropriations and Finance, to report back in one week.
On the convicted offenders, the request is contained in the Transfer of Convicted Offenders (Enactment and Enforcement) Amendment Bill, 2026, transmitted to Senate President Godswill Akpabio.
Tinubu forwarded the bill pursuant to Section 58(2) of the 1999 Constitution and urged the Senate to consider it expeditiously.
The bill seeks to amend Cap. T16, Laws of the Federation of Nigeria, 2004, to give legal effect to prisoner-transfer agreements signed between Nigeria and other countries.
At present, the Act mainly covers Commonwealth nations, limiting Nigeria’s ability to implement transfer deals with non-Commonwealth countries.
The amendment would empower the President to extend the Act to any country with which Nigeria has a transfer agreement through an order published in the Federal Gazette.
If passed, it would create a legal pathway for Nigerians convicted abroad to serve their sentences at home, and for foreign nationals convicted in Nigeria to be transferred to their home countries.
“While it is my hope that the Senate will consider this submission expeditiously, please accept, Distinguished Senate President and Distinguished Senators, the assurances of my highest consideration,” Tinubu wrote.
The Senate President referred the request to the Committee on Legislative Compliance for further legislative process and to report back in one week.
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