Amid the condemnations trailing President Bola Tinubu’s $21.7 billion supplementary external borrowing plan, an opposition lawmaker, Philip Agbese, has defended the move.
The President had on Tuesday sought the approval of the National Assembly for fresh $20.5 billion and €1.04 billion external loans to fund critical projects across the country.
Several opposition figures, including African Democratic Congress, ADC, presidential candidate, Atiku Abubakar, and Nigeria Democratic Congress, NDC, flagbearer, Peter Obi, have criticised the move.
Atiku described the loan move as a ploy by the Tinubu-led All Progressives Congress, APC, government to set up slush funds for the 2027 election campaigns.
However, Agbese, Labour Party, LP, leader in Benue State and member representing Ado/Okpokwu/Ogbadibo Federal Constituency in the House of Representatives, has differed with other opposition figures concerning the loan.
The lawmaker said the funds are justified by the Tinubu administration’s investments in critical infrastructure and the gains recorded in the security sector.
According to him, the borrowing is a strategic financing for productive national assets, not consumption spending.
He urged Nigerians to look beyond partisan lenses and assess the tangible returns already visible across roads, power, rail and defence.
Agbese said, “This is not borrowing for the sake of borrowing. It is investment in the future of Nigeria.
“When you look at the allocation of over $10 billion for transport infrastructure alone, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway and key rail corridors, you see a government deliberately creating assets that will generate long-term economic value far exceeding the cost of the loans.
“The same applies to the significant portion dedicated to defence and security. Any serious nation prioritises the safety of its citizens.”
Agbese further pointed to the accelerated completion of major sections of the Abuja-Kaduna-Zaria-Kano highway and the commissioning of segments of the Lagos-Calabar Coastal Highway as indicators that the loan is justified. While also highlighting progress in the power sector, including approvals for super grids aimed at raising transmission capacity, he stressed that the states and the Federal Capital Territory stand to benefit from the package, with a sizeable portion earmarked for subnational projects on largely concessional terms.
“Look at what has been achieved in just over three years: major highways moving from paper to asphalt and concrete, rail lines advancing, and power infrastructure receiving the attention it has long been denied.
“That is why the borrowing is justified. On security, the Armed Forces have recorded significant operational successes—neutralising thousands of terrorists and bandits, facilitating large-scale surrenders, and rescuing abducted citizens.
“Continued investment is necessary to consolidate these gains and expand the capacity of our security agencies,” the lawmaker said.
Agbese noted that a substantial portion of the borrowing plan will come from multilateral and bilateral partners at concessional rates, while commercial components remain competitive relative to previous market conditions.
According to him, opposing the plan on purely political grounds ignores the infrastructure deficit inherited by the President Tinubu administration and the urgent need to close it if Nigeria is to achieve sustainable growth and improved living standards.
Agbese therefore urged his colleagues across party lines to support the borrowing plan when the National Assembly considers the request.