The request, contained in a letter read by Senate President Godswill Akpabio on Wednesday, November 4, 2026, replaces an earlier borrowing proposal of $20.52 billion and €1.045 billion.
According to the President, the proposed funds will support critical projects in security, transportation, agriculture, power, education and healthcare.
The request has been referred to the Senate Committee on Local and Foreign Debts for consideration.
Reacting, former Vice President Atiku Abubakar urged lawmakers to reject the proposal, warning that continued foreign borrowing could worsen Nigeria’s debt burden and place additional financial pressure on future generations.
Atiku also called for greater transparency regarding the loan’s terms, interest rates, repayment conditions and the specific projects it would finance.
The development has renewed debate over Nigeria’s growing debt profile and the Federal Government’s reliance on external borrowing to fund public expenditure.