President Bola Tinubu has asked the National Assembly to approve fresh external loans worth $20.52 billion and €1.045 billion to finance development projects under the 2026–2027 borrowing plan.

The request was presented to the Senate on Tuesday, with the President saying the funds would support infrastructure, agriculture, healthcare, education, security, water supply and employment generation.

Tinubu said the proposed borrowing was necessary to address Nigeria’s infrastructure deficit and bridge funding gaps.

Following the presentation, Senate President Godswill Akpabio referred the request to the Senate Committee on Local and Foreign Debts for scrutiny, directing it to report back within one week.

However, former Vice-President Atiku Abubakar and the African Democratic Congress have criticised the proposal, demanding details of the projects, contractors, costs and repayment terms.

They urged lawmakers to ensure transparency and accountability before approving the loans, amid concerns over Nigeria’s growing debt burden.