Experts question Nigeria's $20.52 billion loan plan amid oil boom

Energy expert Kelvin Emmanuel criticized Nigeria's proposed $20.52 billion and €1.045 billion external borrowing plan, stating that pledging future oil production for loans during a period of high crude oil prices indicates financial trouble. He emphasized that with crude oil priced at $145 per barrel, the government should rely on generated revenue instead of seeking additional loans for infrastructure, agriculture, and education.

Asiwaju Busari Shaamsuddeen Akande urged President Bola Tinubu to ensure that the borrowing is linked to projects that yield measurable economic benefits. The federal government defended the borrowing, framing it as an investment rather than a loan.

Emmanuel pointed out issues with the government's fiscal management, including unaccounted subsidy savings and high interest rates on loans. He also disputed the Minister of Finance Taiwo Oyedele's claims regarding the interest-to-revenue ratio, asserting that the total debt stock is approximately N166 trillion.