Nigeria’s Minister of Finance, Taiwo Oyedele, has defended President Bola Ahmed Tinubu’s proposed $21.7 billion external borrowing request against criticism, describing the planned loans as an investment in the country.
Oyedele made this statement on Wednesday at the Presidential Villa in Abuja, following the Federal Executive Council (FEC) meeting.
His remarks came amid increasing criticism of Tinubu’s request to the Senate for approval to obtain fresh external loans.
Among those opposing the borrowing plan is former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar.
Atiku had appealed to the Senate to reject Tinubu’s loan request.
Responding to the criticism, Oyedele explained that the proposed borrowing was designed to finance investments rather than simply increase Nigeria’s debt burden.
According to him, the loans would support productive projects capable of stimulating economic growth and improving the living conditions of Nigerians.
“This is investment, not borrowing,” he said.
He further stated that the proposed financing should be evaluated based on the assets it would generate and their anticipated economic benefits, rather than being considered merely an addition to the country’s debt burden.
Oyedele also revealed that transportation infrastructure accounts for approximately $10.6 billion of the proposed borrowing plan.
He explained that the funds would be used for major projects, including the Sokoto-Badagry and Lagos-Calabar highways, alongside the Kano-Kaduna rail project.
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