By HallowMace Africa

President Bola Ahmed Tinubu’s request for National Assembly approval to secure $20.5 billion and €1.05 billion in external loans under the 2026–2027 Supplementary External Borrowing Plan raises fundamental questions about Nigeria’s debt sustainability, fiscal responsibility, and the independence of the legislature.

While external borrowing may be necessary to finance critical infrastructure, security, healthcare, education, agriculture, and other development priorities, Nigerians deserve clear answers about the purpose, cost, and long-term implications of such a substantial financial commitment.

The question is not whether Nigeria should borrow, but whether this borrowing is necessary, transparent, sustainable, and in the best interest of Nigerians.

With a general election approaching, the timing of this request deserves careful scrutiny. A borrowing plan of this magnitude should not be treated as an ordinary legislative formality or rushed through Parliament to meet an executive timetable.

Reports that the initial request lacks a detailed project-by-project breakdown, specific lender identities, and clearly stated interest rates and repayment terms make comprehensive scrutiny even more imperative.

The National Assembly must insist on full disclosure before reaching a decision.

What Should HallowMace Expect from the National Assembly?

– Demand full details before approval. Lawmakers must establish precisely how the funds will be utilised, which institutions will provide them, the applicable interest rates, repayment schedules, and the expected economic returns.

– Audit the impact of previous borrowings. Nigerians deserve an account of what previous loans have achieved. What projects have been completed? What remains outstanding? What tangible benefits have citizens received? Additional borrowing must not become a substitute for accountability.

– Protect legislative independence. The National Assembly must demonstrate that it is an independent arm of government, not a rubber stamp for the Executive. Its responsibility is to scrutinise, question, amend where necessary, and reject proposals that fail to meet the required standards.

– Consider the burden on future generations. Lawmakers must evaluate debt-servicing obligations, foreign-exchange risks, revenue projections, and the potential impact on public services. Development financing must not mortgage Nigeria’s future.

– Refuse unnecessary haste. If the required documentation is incomplete, the National Assembly should demand further information and allow adequate time for due diligence. The scale of this commitment warrants scrutiny, regardless of political considerations or electoral timelines.

At HallowMace Africa, we believe that lawmaking must take precedence over politicking, and national interest must prevail over political loyalty.

The credibility of the 10th National Assembly is on the line. This is an opportunity for lawmakers to reassure Nigerians that the legislature is capable of exercising meaningful oversight, even when the proposal before it comes from the President.

A strong President does not need a weak legislature. Indeed, a sound and independent legislature strengthens democracy, promotes accountability, and protects the public interest.

Our position is straightforward: Do not approve what you have not thoroughly scrutinised. Do not borrow without accountability. And do not sacrifice the future of Nigerians on the altar of political expediency.

The National Assembly must rise to its constitutional responsibility. Nigerians are watching, and history will judge the decisions made today.

HallowMace Africa……We treat the issues, not the people.

By George Mgbeleke

President Bola Tinubu has asked the National Assembly to approve a fresh supplementary external borrowing plan of $20.52 billion and €1.05 billion to fund infrastructure and social projects nationwide.

In a letter to Senate President Godswill Akpabio and read during plenary on Tuesday, Tinubu sought early approval of the Federal Government’s 2026-2027 Supplementary External Borrowing Plan to ensure prompt projects implementation.

He stated that the plan cuts across infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.

According to the President, the total facility amounts to $20,517,755,901 and €1,045,083,643.

“I submit the attached Federal Government 2026-2027 Supplementary External Borrowing Plan for consideration and early approval of the National Assembly to ensure prompt implementation of our projects,” Tinubu wrote.

He said the projects were selected after thorough technical and economic evaluation for their contribution to socio-economic development, aimed at job creation, skill acquisition, entrepreneurship, poverty reduction and food security.

“These initiatives aim to generate employment, promote skill acquisition, foster entrepreneurship, reduce poverty and enhance food security, all of which improve the livelihood of the Nigerian child,” he said.

Tinubu said most of the projects will be implemented across the 36 states and the FCT, noting that huge infrastructure gaps require external borrowing to close financing shortfalls, particularly in power, transportation and healthcare.

In his remarks after reading the letter, Akpabio said the plan featured in earlier approved borrowing arrangements but still required legislative scrutiny.

“The borrowing plan is attached, but of course, this was even earlier approved in our budget, and also the external borrowing plan was approved as far back as 2025 to 2027, I think to 2028 or thereabout,” Akpabio said.

He referred the request to the Senate Committee on Local and Foreign Debts, in collaboration with Committees on Appropriations, and Finance, to report back in one week.

George Mgbeleke

The African Democratic Congress (ADC) has called on President Bola Ahmed Tinubu to explain the $12.4 billion (about N16.5 trillion) gap in Nigeria’s external accounts identified in the World Bank’s October 2026 Nigeria Development Update.

In a statement signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, the party said President Tinubu owes Nigerians a clear account of the discrepancy, particularly at a time when families struggling with the cost-of-living crisis are forced to account for every naira.

According to the report, Nigeria recorded a $12 billion current-account surplus and $6.2 billion in net financial inflows in the first half of 2026. That money should have strengthened the country’s reserves. Instead, the report identified a $12.4 billion gap.

The Bank said the gap reflects, in part, oil export earnings that were never brought home. It also noted that the return of export proceeds remains limited, partly because Nigerian oil has been pledged against several long-term loans.

“The scale is staggering,” the ADC said. “This unexplained gap is larger than the entire current-account surplus for the same period. It is about 5.6 times the $2.2 billion Nigeria attracted in foreign direct investment. In naira terms, it is almost a quarter of the N68.32 trillion 2026 federal budget.

“This cannot be dismissed as a minor accounting discrepancy. President Tinubu welcomed this report. He cannot celebrate one part of the report and stay silent on a gap bigger than the surplus that he and his government are celebrating.

“Due to President Tinubu’s failed policies, families across Nigeria are forced to skip meals and account for every naira just to survive. Meanwhile, money that could have been used to ease their hardship, is currently unaccounted for. Tinubu owes Nigerians an explanation.

“Sacrifice cannot be compulsory for everyday citizens while accountability remains optional for the government that is in charge of our collective resources.

The ADC called on the Federal Government to publish a full public reconciliation of the $12.4 billion gap and disclose all oil-backed loans and pledged crude commitments. It also demanded updated net reserve figures and clear evidence that higher revenues are improving essential services such as health, education and power.

“President Tinubu must open the books. Nigerians have sacrificed enough. We deserve answers.”