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.

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.