Amid the condemnations trailing President Bola Tinubu’s $21.7 billion supplementary exterior borrowing plan, an opposition lawmaker, Philip Agbese, has defended the transfer.
The President had on Tuesday sought the approval of the National Assembly for recent $20.5 billion and €1.04 billion exterior loans to fund essential tasks throughout the nation.
Several opposition figures, together with African Democratic Congress, ADC, presidential candidate, Atiku Abubakar, and Nigeria Democratic Congress, NDC, flagbearer, Peter Obi, have criticised the transfer.
Atiku described the loan transfer as a ploy by the Tinubu-led All Progressives Congress, APC, authorities to arrange slush funds for the 2027 election campaigns.
However, Agbese, Labour Party, LP, chief in Benue State and member representing Ado/Okpokwu/Ogbadibo Federal Constituency within the House of Representatives, has differed with different opposition figures regarding the loan.
The lawmaker stated the funds are justified by the Tinubu administration’s investments in essential infrastructure and the features recorded within the safety sector.
According to him, the borrowing is a strategic financing for productive nationwide property, not consumption spending.
He urged Nigerians to look past partisan lenses and assess the tangible returns already seen throughout roads, energy, rail and defence.
Agbese stated, “This is just not borrowing for the sake of borrowing. It is funding in the way forward for 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 stated.
Agbese famous {that a} substantial portion of the borrowing plan will come from multilateral and bilateral companions at concessional charges, whereas industrial elements stay aggressive relative to earlier market circumstances.
According to him, opposing the plan on purely political grounds ignores the infrastructure deficit inherited by the President Tinubu administration and the pressing want to shut it if Nigeria is to realize sustainable progress and improved dwelling requirements.
Agbese subsequently urged his colleagues throughout social gathering traces to help the borrowing plan when the National Assembly considers the request.
