Tinubu asks Senate for $20.52bn and €1.05bn in new loans. Atiku: “not a single dollar” without details

The request: US$20,517,755,901 and €1,045,083,643 in external loans under the 2026–2027 Supplementary External Borrowing Plan, read at plenary on Tuesday 27 October by Senate President Godswill Akpabio and referred to the Committee on Local and Foreign Debts.

What for: the letter cites power, transport, healthcare, education, agriculture, water supply, security and jobs, and says “it has become essential to pursue prudent external borrowings to close the financing shortfall.” Reports do not name lenders or specific projects.

Atiku (ADC): “No public money should be borrowed in the dark, and no lawmaker should sign a blank cheque against Nigeria's future.” He wants the National Assembly to approve nothing until the President publishes every project, contract, cost, contractor, loan term and repayment obligation.

More critics: ADC campaign spokesman Kola Ologbondiyan: “Nigeria cannot borrow its way out of poor economic management.” Senator Victor Umeh (Anambra Central) on Channels TV: “We are over-borrowing in simple terms.”

The other side: Akpabio says the plan “was even earlier approved in our budget” and the borrowing plan “as far back as 2025 to 2027”; the committee will “clarify the scope before further action.” No date has been set for a vote, and the Presidency had not publicly responded to the criticism at the time of writing.