President Bola Tinubu is expected to present the 2027 Appropriation Bill to the National Assembly before the end of December 2026, as the Federal Government defends its proposed $21.7 billion external borrowing plan for infrastructure and other development projects.
The Minister of State for Budget and Economic Planning, Doris Uzoka-Anite, disclosed the budget timeline on Wednesday, October 28, while briefing State House correspondents after the Federal Executive Council (FEC) meeting in Abuja.
According to the minister, preparations for the 2027 budget are already underway, with the administration targeting its presentation to lawmakers before the end of the year.
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The announcement comes as the government outlines its financing priorities and highlights the progress of some of its economic intervention programmes.
FG Explains Purpose of $21.7bn Loan Plan
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has defended the proposed $21.7 billion external borrowing plan, describing it as a multi-year financing programme designed to support productive investments rather than immediate government spending.
Oyedele explained that the proposal covers projects expected to be implemented over approximately five years and should be assessed based on the assets to be created and their potential economic benefits.
According to the minister, about $10.6 billion of the proposed financing is earmarked for major transportation infrastructure projects.
These include the Sokoto-Badagry Highway, Lagos-Calabar Coastal Highway and the Kano-Kaduna rail project.
He also disclosed that more than $7.9 billion is expected to come from multilateral and bilateral development partners, including a proposed $5 billion component from the World Bank.
The World Bank financing component is expected to attract an average interest rate of approximately 2.1 per cent, according to the government.
Oyedele maintained that the administration is prioritising favourable financing terms to reduce borrowing costs while supporting infrastructure development and long-term economic growth.
However, the proposed financing remains subject to the relevant approval processes, and the announcement does not mean the entire amount has already been borrowed or disbursed.
The finance minister also disclosed that more than 10 million households had received over ₦600 billion through government cash transfer programmes.
He further revealed that the Nigerian Education Loan Fund (NELFUND) had disbursed ₦372.6 billion to more than 1.5 million students to support access to higher education.
In addition, more than 800,000 micro, small and medium-sized enterprises (MSMEs) had reportedly benefited from subsidised loans carrying single-digit interest rates.
The government says these interventions are intended to support vulnerable households, improve access to education and expand financing opportunities for small businesses.
FEC Endorses National Development Plan 2026-2030
Meanwhile, the Federal Executive Council endorsed the National Development Plan 2026-2030 as part of the administration’s broader development agenda.
The council also approved new policy frameworks aimed at addressing child stunting and strengthening national food security.
The initiatives are expected to support government efforts across key sectors, including agriculture, health, education and economic development.
The planned presentation of the 2027 budget will provide the National Assembly with an opportunity to examine the government’s proposed revenue projections, expenditure priorities and financing requirements for the coming fiscal year.
The final budget details, including specific allocations and fiscal assumptions, will become clearer when the appropriation proposal is formally presented to lawmakers.
Source: Channels Television, Punch Newspapers
