It's for your children's future' – Tinubu defends $20.5bn fresh borrowing as Nigerians groan

President Bola Tinubu has defended his administration's plan to borrow an additional $20.5 billion, asserting that the funds will fuel development opportunities for future Nigerian generations. According to a statement from Tinubu's Special Adviser on Information and Strategy, Bayo Onanuga, the proposed borrowing is part of the Federal Government's 2026-2027 borrowing program.

This borrowing is necessary to address Nigeria's critical infrastructure deficit and the extensive financial resources required to bridge this gap, Tinubu argued. He emphasized that the projects and programs in the borrowing plan were chosen after rigorous technical and economic assessments, with the expectation that they will generate employment, promote skills acquisition, foster entrepreneurship, reduce poverty, and enhance food security.

These initiatives, Tinubu stated, will improve the livelihoods of the Nigerian child. Most of the projects will be implemented across all 36 states and the Federal Capital Territory, he assured, emphasizing the nationwide scope will address development needs in every region. Tinubu emphasized that this borrowing is essential for our children's future.