President Bola Tinubu has formally requested the National Assembly to approve a significant supplementary external borrowing plan, amounting to $20.52 billion and €1.045 billion. This initiative is aimed at funding essential projects in various sectors, including infrastructure, agriculture, healthcare, and education.
Accompanying the borrowing request, Tinubu has sought permission to implement a Promissory Note Programme projected at N269.4 billion to address outstanding government debts. The President’s proposal has encountered criticism, particularly from former Vice President Atiku Abubakar and the African Democratic Congress Presidential Campaign Council (ADC-PCC).
Tinubu has emphasized that the loans will be utilized to tackle Nigeria’s pressing infrastructure deficits and stimulate economic growth. He outlined that the funds would be allocated to various sectors, with an assurance that they underwent thorough assessments for their potential contributions to national development.
In contrast, Atiku has expressed concerns that the loans could become misappropriated for political purposes, citing a previous warning regarding a possible loan plan. He criticized the lack of detailed project disclosures within the borrowing proposal, questioning the allocation and accountability of public funds.
The ADC-PCC also echoed worries over the long-term implications of excessive foreign borrowing, suggesting it risks ‘mortgaging Nigeria’s future.’ The Senate has referred the request for supplementary borrowing to its debt committee, demanding a report within one week.
This fresh borrowing drive comes as part of the government’s ongoing strategy to address funding gaps in its developmental goals, with Tinubu urging prompt legislative consideration to facilitate timely project implementations.
