The Pacesetter Frontier Magazine

Tag: External Loans

  • Tinubu Seeks Reps’ Approval For $20.5bn, €1.045bn External Loans

    Tinubu Seeks Reps’ Approval For $20.5bn, €1.045bn External Loans

    Precious Nwonu, Enugu

    President Bola Tinubu has asked the House of Representatives to approve external loans worth $20.52bn and €1.045bn to fund infrastructure and development projects under the Federal Government’s 2026–2027 Supplementary External Borrowing Rolling Plan.

    The request was presented to lawmakers on Wednesday through a letter read by the Speaker of the House, Tajudeen Abbas, during plenary.

    In the letter, Tinubu urged the House to fast-track consideration of the proposal, saying the funds would support programmes in agriculture, healthcare, education, water supply, security, employment and other critical sectors.

    The President listed the proposed facilities as $20,517,755,901 and €1,045,083,643, with a detailed breakdown attached to the request for legislative review.

    He explained that the proposed borrowing was necessary to support his administration’s reform agenda, stimulate economic growth and address the country’s infrastructure funding gap.

    According to Tinubu, the projects were selected after technical and economic assessments, with consideration given to their potential contributions to national development.

    He said the initiatives were expected to create jobs, improve skills acquisition, encourage entrepreneurship, reduce poverty and strengthen food security.

    Tinubu added that most of the projects would be implemented across Nigeria’s 36 states and the Federal Capital Territory.

    He argued that the country’s infrastructure needs, particularly in power, transportation and healthcare, required substantial investment beyond what the government could adequately provide from available resources.

    The President maintained that responsible external borrowing would help bridge the funding gap, while stressing the importance of timely disbursement and effective execution of the proposed projects.

    Following the presentation, the House referred the request to a joint committee on Aids, Loans and Debt Management and Appropriations, chaired by Abubakar Nalaraba, for further consideration.

    The committees are expected to examine the proposed facilities, including their terms, intended purposes and potential effects on public finances, before submitting their findings to the House.

    The loan request comes amid ongoing discussions about Nigeria’s need to fund major development projects while managing its public debt obligations.

    The proposed facilities will require legislative approval before the Federal Government can proceed with the borrowing covered by the request.

  • Atiku Urges NASS To Withhold Approval For Tinubu’s $20.5bn, €1bn Loan Request

    Atiku Urges NASS To Withhold Approval For Tinubu’s $20.5bn, €1bn Loan Request

    Precious Nwonu, Enugu

    Former Vice President Atiku Abubakar has urged the National Assembly to suspend approval of President Bola Tinubu’s proposed external loans until the Federal Government discloses detailed information on the projects to be financed.

    Atiku, the African Democratic Congress (ADC) presidential candidate, insisted that lawmakers should not approve “a single dollar” without access to project specifications, costs, contractors, loan conditions and repayment plans.

    He made the call in a statement issued on Tuesday by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council.

    The former vice president’s reaction followed Tinubu’s request for legislative approval to borrow $20.52bn and €1.045bn to finance development projects across key sectors.

    Atiku said the request supported his earlier warning on October 12 that the President was preparing to seek up to $20bn in loans in connection with the Lagos-Calabar Coastal Highway.

    He criticised the government for providing broad sectors of investment without publishing a project-by-project breakdown of how the proposed funds would be spent.

    According to him, Nigerians should be able to scrutinise the proposed projects, their locations, estimated costs and the contractors expected to execute them before the National Assembly considers the borrowing plan.

    Atiku also questioned the reported rerouting of the Lagos-Calabar Coastal Highway, alleging that the project could be used to direct borrowed funds to political allies and favoured contractors. He did not provide evidence to substantiate the allegation in the statement.

    The ADC chieftain further questioned the timing of the proposed borrowing and called on Tinubu to explain how the loans would benefit Nigerians rather than serve political interests.

    He urged lawmakers to make the supporting documents available to the public and subject the proposal to thorough scrutiny before reaching a decision.

    Atiku maintained that the government must demonstrate how the proposed borrowing would be used and how the resulting debt would be repaid, warning against approving loans without adequate transparency.