Senator Adams Oshiomhole has defended President Bola Tinubu’s proposed external borrowing plan, arguing that borrowing is not inherently wrong if the funds are invested in projects capable of driving economic growth and generating revenue.
The senator representing Edo North made the remarks during an interview on ARISE News on Friday, October 30, 2026, amid public debate over the Federal Government’s fresh loan request.
Oshiomhole said the critical question should not be whether Nigeria should borrow, but what the borrowed funds would be used for.
He argued that borrowing to finance infrastructure such as roads, electricity and other productive assets could support economic development and create opportunities to repay the loans.
“If you are borrowing to feed, many will say, myself inclusive, that would be wasteful. If you borrow to build a house and people can see the building, then that is not wasteful,” he said.
However, the senator acknowledged concerns about the details of the proposed borrowing, explaining that the Senate Committee on Foreign and Local Debts would examine the request and its intended projects before submitting its findings to the Senate plenary.
Oshiomhole also admitted that he did not have further details of the proposed projects beyond what was contained in President Tinubu’s letter to the National Assembly. He said the committee would need to engage with the Ministry of Finance before lawmakers could deliberate fully on the proposal.
President Tinubu has requested legislative approval for external loans of approximately $20.5 billion and €1.04 billion under the 2026–2027 borrowing plan.
The proposal has generated debate over Nigeria’s rising debt obligations, the transparency of government borrowing and the capacity of funded projects to deliver sufficient economic returns.
Oshiomhole maintained that the purpose and productive value of the loans should remain central to the discussion, while the Senate’s review is expected to provide further scrutiny of the proposed expenditure.
