Former Edo State Governor and Senator Adams Oshiomhole has backed President Bola Tinubu’s request for approval to secure $20.5 billion and €1.04 billion in external loans, arguing that the funds are needed to address Nigeria’s infrastructure deficits….
Former Edo State Governor and Senator Adams Oshiomhole has backed President Bola Tinubu’s request for approval to secure $20.5 billion and €1.04 billion in external loans, arguing that the funds are needed to address Nigeria’s infrastructure deficits.
Oshiomhole said the proposed borrowing was intended to finance critical infrastructure rather than salaries, allowances or routine government expenditure.
Speaking on TVC News’ Beyond the Headlines, the senator said the request had been referred to the Senate Committee on Local and Foreign Debts for consideration in line with the legislature’s rules.
He expressed confidence that the Senate should support the proposal, while acknowledging that the relevant committee must examine its merits and make recommendations before the chamber takes a final position.
“Stop borrowing, stop development, stop further infrastructure, keep lamenting what is not there, or take the loan that is sustainable, grow the economy in a manner that it will generate enough prosperity to service those loans,” he said.
Oshiomhole argued that Nigeria needed sustained investment in roads, railways and electricity to stimulate economic growth, attract industries and create jobs.
According to him, external borrowing could also reduce pressure on domestic credit markets and preserve access to finance for local businesses.
He maintained that borrowing could be justified where the funds were invested in productive infrastructure capable of generating economic returns and supporting debt repayment.
Reacting to former Vice-President Atiku Abubakar’s call for the National Assembly to suspend consideration of the borrowing request until the government publishes details of the projects to be financed, Oshiomhole said the opposition had the right to demand explanations.
He, however, suggested that Atiku’s political position influenced his criticism of the administration.
The senator said the government should be prepared to provide answers, stressing that accountability remained central to democracy.
“Government should be ready to provide the answers,” he said.
Oshiomhole added that the Senate committee’s review should provide an opportunity to examine the proposed borrowing and the projects for which the funds were intended.
Oshiomhole also criticised the handling of Nigeria’s power sector under the administration in which Atiku served as vice-president, referring to the widely debated $16 billion spent on the sector during the Olusegun Obasanjo administration.
He argued that Nigeria’s current need to borrow for infrastructure underscored the consequences of past spending that, in his view, failed to deliver the expected improvements in electricity supply.
The senator called for an examination of how the money was spent and said public officials should remain accountable for the management of public funds.
He maintained that accountability for public expenditure should not be limited by the passage of time.
However, the allegations about the handling of the power-sector funds were Oshiomhole’s claims and were not independently established during the interview.
Oshiomhole said reliable electricity was essential to reviving manufacturing, noting that industries needed dependable power to operate machinery and remain competitive.
He argued that improved electricity supply and transport infrastructure would help businesses expand, create employment and enable Nigerians to benefit more directly from economic reforms.
The proposed external borrowing remains subject to legislative scrutiny and approval.
