Opposition Rep, Agbese defends Tinubu’s $21.7bn loan bid
Opposition Lawmaker Backs Tinubu’s $21.7 Billion Borrowing Proposal
Amid widespread criticism of President Bola Tinubu’s proposed $21.7 billion supplementary external borrowing plan, opposition lawmaker Philip Agbese has expressed support for the initiative. The president on Tuesday sought approval from the National Assembly for new loans totaling $20.5 billion and €1.04 billion to fund critical infrastructure projects throughout Nigeria.
The borrowing plan has faced backlash from several prominent opposition figures, including Atiku Abubakar, the African Democratic Congress presidential candidate, and Peter Obi, the Nigeria Democratic Congress flagbearer. Abubakar described the loan proposal as a maneuver by the ruling All Progressives Congress (APC) administration to create funds for the upcoming 2027 elections.
Contrary to these criticisms, Agbese, who is the Labour Party leader in Benue State and represents the Ado/Okpokwu/Ogbadibo Federal Constituency in the House of Representatives, defended the borrowing strategy. He emphasized that the funds would finance crucial infrastructure and security improvements.
Agbese argued that the borrowing is a strategic investment in national assets rather than mere consumption. He called on Nigerians to assess the visible returns on investments in transportation, power, rail, and defense infrastructure.
“This is not borrowing for the sake of borrowing. It is an investment in the future of Nigeria,” Agbese stated. He highlighted the allocation of over $10 billion for transport infrastructure initiatives, including the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Super Highway, which he claimed would yield long-term economic benefits that outweigh the costs of the loans.
The lawmaker also pointed to progress in defense and security expenditures, noting that any nation serious about its future prioritizes the safety of its citizens. He referenced significant advancements in the completion of critical highways and improvements in the power sector, emphasizing that the states and the Federal Capital Territory would benefit from the borrowing plan, which includes concessions for subnational projects.
“Look at what has been achieved in just over three years: major highways moving from plans to reality, advancements in rail lines, and improvements in power infrastructure that have long been overlooked,” Agbese said. He underscored the necessity of continued investment in security, citing the Armed Forces’ recent successes in counter-terrorism efforts.
Agbese indicated that a substantial part of the proposed borrowing would come from multilateral and bilateral partners at favorable rates, while commercial components would remain competitive. He urged his fellow lawmakers to support the borrowing plan when it comes before the National Assembly, arguing that political opposition to the plan overlooks the infrastructure deficits faced by the Tinubu administration and the urgent need to address them to ensure sustainable growth and improved living standards in Nigeria.
