Proposed $21.7bn Loan For Productive Investment, FG Replies Atiku, Obi
.Assures 2027 budget’ll be ready before December Deji Elumoye in Abuja The Presidency on Wednesday evening rose in stout defence of Federal Government’s proposed $21.7 billion external borrowing plan saying
The Federal Government has defended its proposed $21.7 billion external borrowing plan, insisting it is meant to finance productive investments that will drive economic growth and improve living standards for citizens. Minister of Finance, Taiwo Oyedele, responded to criticisms from presidential candidates Alhaji Atiku Abubakar and Peter Obi, explaining that the loan should be evaluated based on assets created and economic returns, not as an increase in the country's debt burden.
The plan targets single-digit inflation by the end of 2027 and aims to strengthen national productivity through projects in transportation, security, healthcare, agriculture, energy, digital infrastructure, education, and social protection. Oyedele disclosed that approximately $7.9 billion of the financing would come from multilateral and bilateral partners, including the World Bank.
Nigeria's foreign reserves have risen above $55 billion, the highest level in 18 years, and economic growth stood at 4.43 percent in the second quarter.
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