Tinubu defends $20.52 billion borrowing plan ahead of elections

President Bola Tinubu's administration is facing scrutiny over its foreign borrowing strategy as it prepares for the upcoming presidential election on January 16, 2027. A request submitted to the Senate on October 27 seeks approximately $20.52 billion and €1.05 billion under the 2026–2027 Supplementary External Borrowing Plan.

This funding aims to support infrastructure, agriculture, healthcare, education, and other programs. Tinubu argues that loans will finance productive infrastructure and create jobs, contributing to a projected $1 trillion economy by 2030.

He emphasizes that borrowing should be evaluated based on the assets and opportunities it generates. Key projects mentioned include the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, and electricity upgrades.

However, critics demand evidence that these rising obligations will yield tangible benefits, as the country grapples with significant infrastructure deficits that affect economic productivity.