Precious Nwonu, Enugu
President Bola Tinubu has asked the National Assembly to approve external loans worth $20.5bn and €1.4bn to finance development projects across Nigeria under the proposed 2026–2027 borrowing plan.
The President also submitted a bill seeking to amend Nigeria’s legal framework for transferring convicted prisoners between the country and other nations.
The requests were presented to lawmakers as the National Assembly resumed plenary on Tuesday, October 27, 2026.
Senate President Godswill Akpabio announced the President’s requests during the session.
Tinubu said the proposed loans would support projects aimed at addressing infrastructure deficits and promoting economic growth in sectors including power, transportation, agriculture, healthcare, education, water supply and security.
According to the President, the projects were selected based on technical and economic assessments and are expected to create jobs, encourage entrepreneurship and skills development, reduce poverty and improve food security.
The projects are expected to be implemented across the states and the Federal Capital Territory.
The Senate Committee on Local and Foreign Debts has been directed to examine the borrowing proposal and report back within one week. The committee may also collaborate with other relevant committees during the review.
Meanwhile, the proposed amendment to the prisoner-transfer law seeks to facilitate the implementation of agreements between Nigeria and countries outside the Commonwealth for the transfer of convicted offenders.
The bill would also empower the President to extend the law to countries with which Nigeria has concluded prisoner-transfer agreements.
The proposal has been referred to the Senate Committee on Rules and Business for further legislative consideration.
Both proposals will undergo legislative scrutiny before any further action is taken.
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