‘It’s investment’ - Oyedele replies Atiku, critics of Tinubu’s $21.7bn external borrowing plan

Nigeria’s Finance Minister, Taiwo Oyedele, defended President Bola Tinubu’s recent external borrowing request of $21.7 billion, describing it as an investment in the nation’s future. Oyedele’s remarks were made at the Presidential Villa in Abuja following a Federal Executive Council meeting. The appeal for funds comes as President Tinubu sought Senate approval for fresh loans.

Notably, former Vice President and presidential candidate of the African Democratic Congress, Atiku Abubakar, has been among the critics of the plan. Atiku had urged the Senate not to endorse the loan request. In response to the criticism, Oyedele clarified that the proposed borrowing aimed to finance productive investments, rather than merely escalating Nigeria’s debt.

He argued that the loans would fuel economic growth and enhance living standards for Nigerians. "This is investment, not borrowing," Oyedele stated. He further explained that the financing plan should be evaluated based on the assets it would generate and their anticipated economic returns, rather than being perceived solely as an addition to Nigeria’s debt load.

Oyedele highlighted that transportation infrastructure is earmarked for approximately $10.6 billion within the proposed borrowing plan. He emphasized that the allocation would support major projects, including the Sokoto-Badagry highway, the Lagos-Calabar highway, and the Kano-Kaduna rail project.