Nigerian Senate reviews Tinubu’s $21.565 billion borrowing plan
By the AFREEQUE newsroom, based on ThisDay
Nigeria’s Senate has referred Bola Tinubu’s proposed external loans of $20.52 billion and €1.045 billion to its debt committee. The committee has a week to submit its findings, while Atiku Abubakar and the ADC warn of economic and political risks, according to ThisDay.
Nigeria’s Senate has referred President Bola Tinubu’s proposed external borrowing of $20.52 billion and €1.045 billion to its debt committee, giving it one week to submit its findings. The decision came after Senate President Godswill Akpabio read the president’s letter seeking parliamentary approval, ThisDay reports.
The funds are intended to finance projects in infrastructure, agriculture, health, education, water supply, security and job creation during 2026-2027. Tinubu is also seeking approval to issue 269.44 billion naira in promissory notes to settle verified debts owed by the federal government.
Former vice-president Atiku Abubakar believes the loans could be used as an election war chest and is calling for the funded projects to be made public. The African Democratic Congress Presidential Campaign Council has criticised what it called excessive reliance on foreign loans, which it says could compromise Nigeria’s economic future.
The parliamentary review follows the president’s request for external loans, announced on 27 October in the $20.52 billion and €1.045 billion borrowing plan, and Atiku’s challenge to the Senate the same day in his call to reject the loans.
