President Bola Tinubu has sought legislative approval for a 2026–2027 supplementary external borrowing plan of approximately $20.52 billion and €1.045 billion, alongside a separate request to issue ₦269.45 billion in promissory notes to settle outstanding Federal Government debts.
In a letter read by Senate President Godswill Akpabio during Tuesday’s plenary, Tinubu said the proposed external borrowing would help address Nigeria’s infrastructure financing gap and support projects in power, transportation, agriculture, healthcare, education, water supply, security and job creation, as well as financial management reforms.
Additionally , the President has asked the House of Representatives to approve the issuance of ₦269.45 billion in promissory notes to settle outstanding contractual, project-related and other verified financial obligations owed by the Federal Government.
The request was contained in a letter and presented during plenary by the Speaker of the House of Representatives, Tajudeen Abbas. The letter, signed by the Secretary to the Government of the Federation, George Akume, sought authorisation for the Minister of Finance to work with the Debt Management Office and other relevant agencies to implement the proposed settlement.
The promissory note programme is intended to provide a structured means of settling verified government liabilities while reducing immediate pressure on government cash flow. Both requests require legislative consideration before the proposed measures can proceed.
