Senator Adams Oshiomhole has said lawmakers will examine President Bola Tinubu’s latest external borrowing proposal before deciding whether to approve it, with attention to the intended projects and the use of previous loans.
The Edo North senator said the Senate owed Nigerians explanations about government borrowing and would assess whether the proposed financing served the country’s interests.
Oshiomhole spoke on Friday, 30 October, during Arise Television’s Morning Show, according to Daily Post’s account of the interview.
“The Senate will scrutinise Tinubu's fresh loan request. We won't just approve it like that. We must look at it properly and ensure it is in the interest of Nigerians,” Oshiomhole said.
The former Edo State governor maintained that the chamber, under Senate President Godswill Akpabio, would exercise its oversight responsibilities rather than automatically endorse proposals from the executive.
His remarks concern the Federal Government’s proposed 2026–2027 Supplementary External Borrowing Plan. The request comprises approximately $20.52 billion and €1.045 billion in facilities intended to finance projects and programmes across several sectors.
Tinubu’s letter, which Akpabio read during plenary on Tuesday, 27 October, specified facilities of $20,517,755,901 and €1,045,083,643, according to Punch’s report on the request.
Akpabio referred the proposal to the Senate Committee on Local and Foreign Debts for examination alongside the committees on Appropriation and Finance. He gave the committees one week to complete their review and submit findings to guide the chamber’s decision.
The Senate President also noted that some components had featured in earlier budget considerations and that the chamber had previously approved an external borrowing plan, BusinessDay reported.
In his letter, Tinubu said additional external funding was necessary to meet infrastructure needs that available resources could not cover. He identified power, transportation and healthcare among the principal areas for investment, alongside agriculture, education, water supply, security and other programmes.
The President said technical and economic assessments informed the selection of projects, which the administration intended to use to support employment, skills development and economic growth.
Oshiomhole had separately defended borrowing for infrastructure during an appearance on TVC’s Beyond the Headlines, which the broadcaster reported on 28 October. He argued that investment in roads, railways and electricity could expand economic activity and generate resources for repayment.
In that earlier interview, he said the proposed funds were intended for infrastructure rather than salaries and routine expenditure, while acknowledging the committee’s responsibility to examine the proposal.
The request has also attracted demands for greater disclosure. Former Vice-President Atiku Abubakar urged lawmakers to withhold approval until the government published the projects, contractors, costs, financing conditions and repayment obligations associated with the facilities.
The Debt Management Office’s June 2026 figures put Nigeria’s total public debt at N166.79 trillion. That figure covers the Federal Government, states and Federal Capital Territory, comprising approximately N91.59 trillion in domestic debt and N75.20 trillion in external debt.