Sen. Adams Oshiomhole defended President Bola Tinubu’s request for more than $20.5 billion and €1.045 billion in foreign loans as lawmakers review a plan to finance projects across Nigeria.
The letter, read in the Senate on Oct. 27, sought National Assembly approval for $20,517,755,901 and €1,045,083,643 under a supplementary external borrowing plan for 2026 and 2027.
The proposal lists spending on infrastructure, agriculture, health, education, water supply, security, employment and financial management reforms. Tinubu’s letter said most projects would be carried out across Nigeria’s 36 states and the Federal Capital Territory.
Tinubu said the projects had undergone technical and economic evaluations. He said they were expected to create jobs, support skills acquisition and entrepreneurship, reduce poverty and strengthen food security.
In an interview with TVC News, Oshiomhole described the borrowing as a way to finance infrastructure instead of day-to-day government operations. He also argued that obtaining funds abroad could leave more domestic credit available to Nigerian firms.
Former Vice President Atiku Abubakar urged lawmakers to pause consideration of the request. A statement issued by Phrank Shaibu of the ADC Presidential Campaign Council said Atiku wants officials to publish project costs and locations, identify contractors and disclose the loan and repayment terms. He warned that “no lawmaker should sign a blank cheque against Nigeria’s future.”
The Debt Management Office reported Nigeria’s public debt at ₦166.8 trillion as of June 30, 2026. External debt accounted for ₦75.2 trillion, with domestic debt at ₦91.6 trillion.
Senate President Godswill Akpabio read the letter during plenary. The Senate’s Committee on Local and Foreign Debts is reviewing it with the Appropriation and Finance committees; Akpabio said the findings would inform the chamber’s decision. The House of Representatives sent the proposal to a joint committee on Aids, Loans and Debt Management and Appropriations. EconoTimes previously covered the Senate’s referral of the request. The Senate panel has one week to report.
