‘Stop deceiving Nigerians’ – Rufai Oseni blasts Oyedele over $21.7bn loan

Arise News anchor Rufai Oseni has challenged Finance Minister Taiwo Oyedele’s recent defense of President Bola Tinubu’s new external borrowing request.

On Wednesday, Oyedele characterized the President’s request for $20.52 billion and €1.045 billion in loans as an investment rather than borrowing. However, during an appearance on Arise TV’s Morning Show, Oseni maintained that the funds represent a loan, regardless of how the government chooses to label it.

“If you take money and you will pay it back with interest, it’s a loan,” Oseni stated. “Call it whatever you want; it’s still a loan and not an investment.”

Oseni expressed that the Nigerian public is weary of what he described as government gimmicks. He emphasized the need for clarity regarding the purpose of the loans, potential repayment plans, and the specific projects they will fund.

President Tinubu formally requested National Assembly approval for the external loans on Tuesday. The Presidency has indicated that about $10.6 billion of the requested funds would be allocated to transportation projects, including the Sokoto-Badagry and Lagos-Calabar highways, as well as the Kano-Kaduna railway.

Minister Oyedele noted that the remainder of the funds would support various sectors such as security, health, agriculture, energy, and education, with much of the financing anticipated from the World Bank at an interest rate of 2.1%.

Oseni urged the government to provide a detailed, project-by-project breakdown of how the borrowed funds will be utilized. He warned that borrowing without transparency has contributed to Nigeria’s existing debt crisis.

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