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 David Owei

Prof. Busayo S. Fakinlede, Senior Special Assistant to the President on Marine and Blue Economy, has attributed all transformational milestones recorded in Nigeria’s maritime sector to the foresight and vision of President Bola Ahmed Tinubu, GCFR.

Prof. Fakinlede stated this on Thursday in Abuja during an Executive Courtesy Visit and Strategic Dialogue with a high-level delegation of the Africa Blue Economy Roundtable (ABER).

The ABER delegation was led by Dr. Amenya Kartay, Chief of Staff to the Convener and Founder of ABER and Head of the Abuja Liaison Bureau, who represented the Convener, Dr. Piriye Kiyaramo. He was accompanied by Hajiya Medina Dauda Nadabo, Director of Communication & Public Affairs, and Prince Ibiok, Director of ICT, Blue Council Africa.

During the meeting, Prof. Fakinlede, a Professor of Maritime Technology and former World Bank Senior Adviser, outlined his strategic framework of Identify, Protect, Harness: complete spatial mapping of Nigeria’s maritime domain, institutional governance and protection, and safe exploitation of subsea minerals, offshore wind, subsea cabling, desalination and aquaculture.

He noted that the Gulf of Guinea is valued by the World Bank at $1 Trillion annually, with Nigeria accounting for 74% of activities, representing over $600 Billion in annual potential. He decried the capital flight where 80% of the 4,000 active vessels in Nigerian waters are serviced abroad, the underutilisation of over 10,000km of navigable inland waterways, and the fisheries deficit that still costs Nigeria over $2 Billion in imports yearly.

While commending President Bola Almed Tinubu and the pioneer Minister of Marine and Blue Economy ministry, he said: “First, everything that is happening in the sector happened because of the person that created the Federal Ministry of Marine and Blue Economy, President Asiwaju Bola Ahmed Tinubu, whose foresight and vision gave birth to the new ministry.

“Secondly, the person appointed to manage the ministry, His Excellency, Hon. Dr. Adegboyega Oyetola, CON. His experience as former Governor of Osun State, being a private sector player and administrator, makes the Pioneer Minister the right person to man the affairs of the ministry, considering his pedigree and exposure. That is why we have all the gains we are talking about.

“All the praise and encomiums have to go to Mr. President and the Honourable Minister. I am just trying to catch up with what they are doing. When you have a very good leader leading you, all you have to do is run after that leadership.”

Earlier in his address, the Convener and Founder of ABER, Dr. Piriye Kiyaramo, represented by Dr. Kartay, briefed the SSA on the purpose of the visit, saying it was to commend President Tinubu and the Federal Ministry of Marine and Blue Economy under Hon. Dr. Adegboyega Oyetola, CON, for what he described as a historic transformation in just three years.

“When Mr. President created this Ministry in August 2023, many saw it as merely administrative. Today, it has clearly proven to be an economic masterstroke,” he said.

He listed ten standout milestones, including revenue growth from N700.79bn in 2023 to N1.83trn in 2025 — a 160% increase; approval of Nigeria’s first National Policy on Marine and Blue Economy in May 2025; first holistic port rebuild in 50 years, with the 20-year Apapa gridlock cleared; commissioning of Funtua Inland Dry Port, with Moniya, Ijebu-Ode and Jos advancing to link inland trade to AfCFTA; and four consecutive years of zero piracy in the Gulf of Guinea through the Deep Blue Project.

Other milestones include the operationalisation of the Regional Maritime Development Bank after 16 years; Nigeria’s return to the IMO Category C Council after 14 years; implementation of the N200,000 minimum wage for shipping workers; 1.4 million metric tonnes fish production, 100% TED compliance and transition to fibreglass boats; and implementation of the Enterprise Content Management System (ECMS) digitisation and transformation of the Nigerian Shippers’ Council into the Port Economic Regulatory Agency.

The meeting also formally submitted three proposals: the nomination of President Tinubu as Grand Patron of ABER, the establishment of the Continental Blue Hall of Fame to be domiciled in Nigeria, and the Africa Blue Ocean Guardians youth initiative. It further resolved to prepare briefing notes for the Grand Patron investiture at a future date.

ABER announced the appointment of Prof. Fakinlede as Patron of the Roundtable and reaffirmed its readiness to partner with the Presidency in policy advocacy, youth and women inclusion, blue finance mobilisation and continental knowledge exchange.

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.”