President Bola Ahmed Tinubu has defended his administration’s fresh external borrowing plans, insisting that the real measure of borrowing is the value it creates for Nigerians, not simply the amount of money taken as loans.
The President highlighted several priority projects, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and the modernisation of key commercial ports in Lagos.
However, the borrowing plan has attracted criticism from organised labour. Nigeria Labour Congress President Joe Ajaero has questioned why the Federal Government continues to seek fresh loans despite its claims of increased revenue following the removal of the petrol subsidy.
The proposed external borrowing reportedly includes $20.5 billion and €1.45 billion, while another report describes the overall package as approximately $21.7 billion. The loans are subject to the relevant approval process.
Tinubu said the administration would ultimately be judged by the projects completed, jobs created and improvements delivered to citizens’ living standards.
But with Nigerians still concerned about the cost of living and the country’s debt burden, the debate over whether additional borrowing will translate into tangible benefits is far from over.
OVER TO YOU: Do you agree with Tinubu that borrowing is justified if the money is invested in productive projects, or should the Federal Government focus on generating more revenue before taking additional loans?
Drop your opinion in the comments.
