…As ADC-PCC urges N’Assembly to reject loan request for lack of transparency
President Bola Tinubu has asked the Senate to approve a proposed external borrowing plan worth $20.52bn and €1.05bn to fund infrastructure and development projects under the Federal Government’s 2026–2027 Supplementary External Borrowing Plan.
The request was presented to the Senate during Tuesday’s plenary, where Senate President Godswill Akpabio read Tinubu’s letter seeking legislative approval for the proposed financing.
But the African Democratic Congress Presidential Campaign Council (ADC-PCC) has urged the National Assembly to reject President Tinubu’s proposed $20 billion and £1 billion foreign borrowing unless the Federal Government provides full details of the facilities and demonstrates their benefits to Nigerians.
The council said the fresh borrowing would add to the burden on Nigerians already battling rising living costs and increased taxation, questioning why the government was seeking more loans without accounting for previous borrowings and savings from fuel subsidy removal.
The Presidency’s borrowing plan provides for external loans of $20,517,755,901 and €1,045,083,643, which the President said would support projects in infrastructure, agriculture, healthcare, education, water supply, security, employment generation and public financial management.
In the letter, Tinubu urged lawmakers to consider the proposal and approve it promptly to enable the government to proceed with the planned projects.
“I submit the attached Federal Government 2026–2027 Supplementary External Borrowing Plan for consideration and early approval of the National Assembly to ensure prompt implementation of our projects,” he wrote.
The President said the proposed investments had been selected after technical and economic assessments, with consideration given to their potential contributions to Nigeria’s socioeconomic development.
According to him, the projects are also expected to create jobs, develop skills, encourage entrepreneurship, reduce poverty and improve food security.
“These initiatives aim to generate employment, promote skill acquisition, foster entrepreneurship, reduce poverty and enhance food security, all of which improve the livelihood of the Nigerian child,” Tinubu stated.
He added that most of the projects would be spread across Nigeria’s 36 states and the Federal Capital Territory.
Tinubu argued that the country’s infrastructure deficit and the substantial funding required to address it had made additional external financing necessary.
“In light of the need for significant infrastructure investment in the country and the vast financial resources needed to address this gap, it has become essential to pursue prudent external borrowings to close the financing shortfall,” he said.
The President identified power, transportation and healthcare as key areas expected to benefit from the proposed funding.
He urged the National Assembly to grant the request early consideration, saying timely approval would help facilitate the release of funds and speed up the implementation of the projects.
Following the presentation of the letter, Akpabio said the borrowing plan had featured in previous government budgetary and borrowing arrangements, although he was uncertain about the precise period covered by the earlier approval.
“The borrowing plan is attached, but of course, this was even earlier approved in our budget, and also the external borrowing plan was approved as far back as 2025 to 2027, I think to 2028 or thereabout,” the Senate President said.
Akpabio said the request would be referred to the Senate Committee on Local and Foreign Debts for examination, with possible contributions from the Committees on Appropriations and Finance.
“However, this request will be looked at by the Committee on Local and Foreign Debts, probably in collaboration with Appropriations and Finance, but mainly by the Committee on Local and Foreign Debts,” he added.
He also referred to Senator Haruna Manu in connection with the committee’s leadership.
The committee is expected to examine the details of the proposed financing and its relationship with previously approved borrowing arrangements before the Senate decides on the request.
In a statement by its Director of Media and Publicity, Kola Ologbondiyan, the ADC-PCC faulted the administration’s borrowing plans, demanding evidence that the funds would translate into tangible improvements in citizens’ lives.
“What exactly is President Tinubu borrowing all this money for? Where are the roads, the electricity, the hospitals, the jobs and the critical infrastructure that should justify this relentless accumulation of debt? Nigerians deserve answers,” Ologbondiyan said.
He questioned why the government was returning to international creditors while millions of Nigerians struggled to survive the effects of its economic policies.
The council warned that continued borrowing without transparent spending and measurable returns could deepen Nigeria’s debt burden, restrict future governments’ policy options and threaten the country’s economic sovereignty.
“This is not a sustainable path to national development. It is a dangerous attempt to mortgage the future of Nigeria and generations yet unborn,” Ologbondiyan said.
The ADC-PCC demanded that Tinubu publish a comprehensive account of all domestic and foreign borrowing since May 29, 2023, including a breakdown of revenue realised from subsidy removal and how the funds had been spent.
