RismadarVoice Reporters
October 30, 2026
Senator Adams Oshiomhole, representing Edo North Senatorial District, has assured Nigerians that the Senate will carefully examine President Bola Tinubu’s latest external borrowing request before deciding whether to grant legislative approval.
Oshiomhole made the statement during an appearance on Arise News Morning Show on Friday, following the President’s request for approval to obtain approximately $20.52 billion and €1.045 billion in foreign loans.
The former Edo State governor said lawmakers would consider the purpose of the proposed borrowing, particularly the infrastructure and development projects expected to benefit from the funds.
He explained that the President had formally communicated the request to the National Assembly in accordance with the required legislative process.
According to Oshiomhole, the Senate would examine the proposal to determine whether the intended investments justified the additional financial obligations.
The borrowing request forms part of the Federal Government’s 2026–2027 Supplementary External Borrowing Plan.
President Tinubu’s letter, read during Senate plenary on Tuesday, October 27, sought approval for $20,517,755,901 and €1,045,083,643.
The proposed financing is intended to support projects in power, transportation, agriculture, healthcare, education, water supply and security, alongside employment generation and financial management reforms.
Senate President Godswill Akpabio subsequently referred the request to the relevant committees for examination, directing them to report back within one week.
However, the proposal has generated concerns about Nigeria’s rising debt obligations and the implementation of projects financed through previous borrowing arrangements.
Senator Victor Umeh, representing Anambra Central, questioned why contractors handling government projects continued to report unpaid obligations despite earlier loan approvals.
Speaking on Channels Television on Tuesday, Umeh argued that the government needed to account for the utilisation of previously approved borrowing before seeking additional financing.
He also expressed concern about the effectiveness of budget implementation and the growing financial obligations facing the country.
According to the Debt Management Office, Nigeria’s total public debt stood at ₦166.79 trillion as of June 30, 2026, comprising ₦91.59 trillion in domestic debt and approximately ₦75.20 trillion in external obligations.
The figures have intensified discussions about debt sustainability, repayment obligations and the economic returns expected from government-funded projects.
The proposed facilities have not yet received final legislative approval and should not be regarded as funds already borrowed or disbursed.
The Senate’s review is expected to determine the next stage of consideration for the borrowing plan.
