Why Tinubu’ll utilise loans judiciously
The Deputy Spokesperson of the House of Representatives, Philip Agbese, has expressed strong confidence in President Bola Tinubu’s management of Nigeria’s economic direction, describing him as a “meticulous economic planner” with a deliberate, reform-driven approach to rebuilding the nation’s financial stability.
Mr Agbese said Mr Tinubu’s leadership has demonstrated a deep understanding of fiscal discipline, resource allocation, and long-term development planning, assuring Nigerians that every loan obtained by the present administration will be deployed prudently and transparently for its intended purposes.
Speaking with journalists at the National Assembly complex in Abuja on Monday, the lawmaker said concerns expressed by some Nigerians over the rising public debt profile were understandable but misplaced, insisting that the Mr Tinubu administration’s borrowing strategy was not reckless but strategically aligned with economic recovery targets.
“Mr President knows what he is doing. He doesn’t take decisions impulsively. Every borrowing plan under this administration is carefully thought out, with a clear framework for repayment and measurable developmental outcomes. Nigerians can trust his sense of judgment,” Mr Agbese said.
Borrowing plan and National Assembly approval
Mr Agbese’s remarks came in the wake of the National Assembly’s recent approval of Mr Tinubu’s request to raise $2.3 billion from the international capital market.
Both chambers approved the request last Wednesday to partly finance the 2025 budget deficit and refinance Nigeria’s maturing Eurobonds.
In the House of Representatives, the approval followed the consideration and adoption of a report presented by the Chairman of the House Committee on Aids, Loans, and Debt Management, Abubakar Nalaraba (APC, Nasarawa).
According to the report, the borrowing plan is divided into two components, $1.23 billion to fund the 2025 budget deficit and $1.12 billion to refinance Eurobonds maturing in November 2025.
The committee explained that the funds would be sourced from the international capital market through Eurobond issuance, loan syndication, bridge financing, or direct borrowing from multilateral institutions.
In a landmark move, lawmakers also approved the issuance of Nigeria’s first-ever Sovereign Sukuk of up to $500 million in the international capital market, a development expected to attract Islamic-compliant investors and diversify the country’s external borrowing instruments.
Confidence in Tinubu’s economic vision
While acknowledging public concerns about Nigeria’s mounting debt, Mr Agbese said the president’s approach to governance has been underpinned by measurable reforms aimed at ensuring that every borrowed fund yields tangible developmental results.
“As representatives of the people, we have a duty to ensure transparency and accountability,” he explained. “But I can assure Nigerians that with President Tinubu at the helm, there’s no cause for fear. His track record of transforming Lagos into Africa’s fifth-largest economy speaks volumes about his capacity to deliver.”
He further explained that President Tinubu’s Renewed Hope Agenda has been structured around long-term sustainability, focusing on macroeconomic stability, job creation, and revenue expansion through diversification.
““We must understand that President Bola Ahmed Tinubu is not just an ordinary politician; he is a tested economic strategist who has demonstrated exceptional prudence in resource management.
The lawmaker said that the visible improvements in fiscal coordination between the executive and monetary authorities are signs of an economy gradually finding its balance after years of turbulence.
National Assembly’s oversight role
Mr Agbese also commended the National Assembly for strengthening its oversight role in managing public debts, saying the legislature remains committed to ensuring that every facility is tied to specific developmental outcomes.
“As representatives of the people, we have a duty to ensure transparency and accountability,” he explained. “But I can assure Nigerians that with President Tinubu at the helm, there’s no cause for fear. His track record of transforming Lagos into Africa’s fifth-largest economy speaks volumes about his capacity to deliver.”
He explained that the partnership between the legislature and the executive has been constructive rather than complacent, noting that the collaboration was aimed at delivering real development to Nigerians.
Addressing public concern
Nigeria’s debt profile has risen steadily in recent years, crossing ₦97 trillion by mid-2025, according to figures from the Debt Management Office (DMO). Critics, including civil society groups and opposition lawmakers, have questioned the sustainability of the trend, citing fears of future fiscal strain.
But Mr Agbese maintained that what mattered most was the judicious utilisation of the loans, not the borrowing itself.
The lawmaker added that Tinubu’s background as an accountant and financial strategist gave him a unique advantage in handling complex fiscal challenges.
“We must understand that President Bola Ahmed Tinubu is not just an ordinary politician; he is a tested economic strategist who has demonstrated exceptional prudence in resource management,@ Mr Agbese said.
Long-term focus and citizen expectations
Mr Agbese described the administration’s economic reforms as “painful but necessary,” urging Nigerians to remain patient and supportive as the benefits of the current policies gradually materialise.
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He added that the government’s fiscal reforms, including efforts to cut waste, broaden the tax base, and improve capital expenditure efficiency, were part of a larger plan to place Nigeria on a path of sustainable prosperity.
The deputy spokesperson concluded by reaffirming his confidence in the President’s integrity and foresight.
“No doubt, President Tinubu will utilise every loan for the purpose it was intended. He is meticulous, visionary, and deeply committed to seeing Nigeria prosper. This is the kind of leadership our nation has long desired and it’s one we must all rally behind,” he said.