Nigeria’s foreign borrowing

The latest development

🇳🇬 NigeriaBusiness28 Oct 2026

Nigerian Senate reviews Tinubu’s $21.565 billion borrowing plan

Nigeria’s Senate has referred Bola Tinubu’s proposed external loans of $20.52 billion and €1.045 billion to its debt committee. The committee has a week to submit its findings, while Atiku Abubakar and the ADC warn of economic and political risks, according to ThisDay.

Source: ThisDay

Timeline

1. Wednesday, 28 October 2026

   • Nigerian Senate reviews Tinubu’s $21.565 billion borrowing plan

     Nigeria’s Senate has referred Bola Tinubu’s proposed external loans of $20.52 billion and €1.045 billion to its debt committee. The committee has a week to submit its findings, while Atiku Abubakar and the ADC warn of economic and political risks, according to ThisDay.

     🇳🇬 Nigeria · 04:15

2. Tuesday, 27 October 2026

   • Nigerian senator Victor Umeh challenges new foreign borrowing

     Nigerian senator Victor Umeh says the government has not justified new external borrowing while claiming to have exceeded its revenue targets. He is demanding an account of how previous loans were used, as their effects on infrastructure and the cost of living remain disputed, according to Vanguard.

     🇳🇬 Nigeria · 19:19

   • Atiku asks Nigerian Senate to reject $20.52 billion borrowing

     Former Nigerian vice-president Atiku Abubakar and the ADC are asking Parliament to reject the external borrowing sought by President Bola Tinubu, amounting to $20.52 billion and €1.045 billion. Leadership reports that Atiku is demanding details of the projects, costs and contractors; Businessday adds that the opposition is also seeking an audit of previous borrowing and the use of revenues linked to the removal of the fuel subsidy.

     🇳🇬 Nigeria · 16:09

   • Tinubu seeks $20.52 billion and €1.045 billion in external loans

     Nigerian President Bola Tinubu is asking the National Assembly to authorise external borrowing of $20.52 billion and €1.045 billion to finance infrastructure, health, education, agriculture and security projects in 2026-2027, according to Leadership, Vanguard and MyJoyOnline. The latter also mentions water supply, financial management reforms and the need to fill an infrastructure-related funding gap.

     🇳🇬 Nigeria · 12:20