Deputy Spokesman assures Nigerians on use of approved loans
The Deputy Spokesperson of the House of Representatives, Philip Agbese, has assured Nigerians that the federal government will prudently utilise recently approved loans.
Speaking to journalists at the National Assembly, Agbese described President Bola Ahmed Tinubu as a “meticulous economic planner” and expressed confidence that every borrowing plan will be directed toward its intended purpose.
This assurance comes after both chambers of the National Assembly approved President Tinubu’s request to raise a total of $2.347 billion from the international capital market. The funds are intended to part-finance the 2025 budget deficit and refinance maturing Eurobonds.
According to the House Committee on Aids, Loans, and Debt Management, the borrowing plan is split into two parts: $1.23 billion to fund the 2025 budget deficit and $1.12 billion to refinance a Eurobond maturing in November 2025. The loans may be sourced through Eurobond issuance, loan syndication, bridge financing, or direct borrowing from multilateral institutions.
Recall that lawmakers also approved the issuance of Nigeria’s first-ever Sovereign Sukuk of up to $500 million, aimed at attracting Islamic-compliant investors and diversifying the country’s external borrowing options.
Acknowledging concerns over rising public debt, Agbese emphasised that the administration’s borrowing plans are guided by clear frameworks and measurable developmental outcomes. “Every loan under this administration is carefully planned with repayment and development in mind. Nigerians can trust that the funds will be used responsibly,” he said.
Agbese also highlighted the National Assembly’s role in maintaining oversight, stressing that all loans are scrutinised to ensure transparency and accountability.
The lawmaker pointed to Tinubu’s track record as Lagos State Governor as evidence of his capacity for strategic planning and fiscal discipline. He added that the President’s Renewed Hope Agenda aims at long-term economic growth, job creation, industrial expansion, and infrastructural renewal.
“No doubt, President Tinubu will utilise every loan for its intended purpose. Nigerians should remain patient as the administration implements measures aimed at sustainable development,” Agbese added.