President Bola Tinubu has defended his administration’s proposed borrowing plan, insisting that the funds will be used to support infrastructure development and strengthen Nigeria’s economy.
The president’s borrowing proposal has attracted public attention as Nigerians continue to express concerns about the country’s rising debt and the cost of living.
According to reports, the federal government is seeking approval for an external borrowing plan worth approximately $21.7 billion, covering the 2026 and 2027 fiscal periods.
The proposal includes $20.52 billion and €1.05 billion in external loans.
Tinubu’s administration says the proposed borrowing will support major infrastructure projects, including highways, ports, electricity development and human capital investment.
The government maintains that the loans are necessary to finance development projects and improve economic opportunities across the country.
However, the proposal has generated criticism from opposition figures and other Nigerians who are concerned about the impact of additional borrowing on the country’s finances.
Critics have questioned whether the government can effectively manage the debt while addressing unemployment, inflation and the financial difficulties facing ordinary citizens.
The president has continued to defend his economic policies, arguing that infrastructure investment is important for improving productivity and supporting long-term economic growth.
The borrowing proposal is expected to undergo legislative consideration before the government can proceed with the planned financing.
The debate over the loans comes as Nigeria continues to face pressure to improve public infrastructure while maintaining sustainable debt levels.
