Senator representing Edo North Senatorial District, Adams Oshiomhole, has said the Senate will carefully examine President Bola Tinubu’s latest borrowing request before deciding whether to approve it.
Oshiomhole gave the assurance while speaking on Arise News Morning Show on Friday, following the President’s request for legislative approval to obtain fresh external loans worth $20.52 billion and €1.045 billion.
The former Edo State governor said lawmakers would examine the proposal and consider the purpose of the borrowing, particularly the infrastructure projects the Federal Government intends to finance with the funds.
According to him, the President had formally communicated the government’s intention to borrow to the Senate through a letter, in line with the provisions of the law.
“We received a letter from Mr President informing the Senate, as required by law, of the government’s decision to borrow approximately $20.5 billion and €1.4 billion. The letter states that the funds will be used for various infrastructure projects necessary to consolidate existing progress and lay a solid foundation for sustainable growth and development,” Oshiomhole said.
He maintained that the Senate would not simply approve the request without examining the details of the proposed borrowing and the projects attached to it.
President Tinubu’s request covers the 2026–2027 Supplementary External Borrowing Plan.
It is intended to provide funding for projects across several sectors, including power, transportation, agriculture, healthcare, education, water supply and security.
The administration has also listed employment generation and financial management reforms among the areas expected to benefit from the proposed financing.
The Federal Government has argued that additional external financing is necessary to address the country’s infrastructure deficit and provide resources for projects that require substantial investment.
However, the request has raised questions about the government’s previous borrowing arrangements, the implementation of projects funded through earlier loans and the capacity of the country to meet its repayment obligations.
Oshiomhole’s comments come as the Senate begins the process of examining the President’s request.
The outcome of the review will determine whether the proposed borrowing receives the necessary legislative approval.
The Senate President, Godswill Akpabio, had earlier referred the President’s request to the Senate Committee on Local and Foreign Debts, working with the Committees on Appropriations and Finance, for further consideration.
The committees were directed to examine the proposal and submit their findings within one week. Their recommendations are expected to guide the Senate’s next decision.
Akpabio also disclosed that some aspects of the borrowing plan had featured in previous budgetary and borrowing arrangements, raising the need to establish the exact scope of the latest request.
In a Related Development, Former Vice President Atiku Abubakar and Senator Victor Umeh have separately raised concerns over President Tinubu’s latest request for fresh external loans, calling for greater accountability and proper examination of the proposed borrowing.
On Wednesday, Atiku called on the National Assembly to suspend consideration of the request until the Federal Government makes public the details of the projects and financial commitments attached to it.
The former Vice President argued that Nigerians deserved to know how the proposed loans would be spent, the contractors involved, the costs of the projects and the repayment conditions before lawmakers could approve the facilities.
Atiku warned that approving such a huge borrowing plan without making the necessary information available could place additional financial pressure on the country.
He also cautioned lenders against granting loans to the administration without ensuring that all constitutional and statutory requirements were followed.
In a statement on the development, Atiku said:
“Let it be on record that one of the first responsibilities I will undertake as President is to scrutinise and investigate every kobo borrowed, especially loans taken in the final year of your tenure. Nigerians will ask questions, and we will find the answers by every lawful means.”
He further warned against approving the borrowing without adequate disclosure, insisting that the National Assembly must demand comprehensive information before taking a decision.
“The National Assembly must not approve a single dollar until the President publishes every project, contract, cost, contractor, loan term and repayment obligation. No public money should be borrowed in the dark, and no lawmaker should sign a blank cheque against Nigeria’s future,” he added.
Atiku maintained that the government must demonstrate that the proposed borrowing would genuinely benefit Nigerians rather than create further financial difficulties for households already struggling with the cost of living.
Similarly, Senator Victor Umeh, who represents Anambra Central Senatorial District, questioned the Federal Government’s handling of previous loans and the continued accumulation of borrowing obligations.
Speaking on Channels Television’s Politics Today on Tuesday, Umeh expressed concern that the government had repeatedly obtained approval to borrow money for budget implementation, yet contractors executing capital projects were still complaining about unpaid obligations.
He argued that the National Assembly needed to establish what had happened to funds previously approved for borrowing before considering another major request.
“The truth is that we have approved so much funds to be borrowed in the past, and on each occasion we’ve been told that this borrowing would be able to fund the budgets and these budgets have remained unfunded up till this day,” Umeh said.
The senator also questioned why contractors were yet to receive payments for projects despite the government’s repeated borrowing exercises.
“So if you borrow to finance a budget and you are not able to finance that budget, where has the money gone to? That is the question on the lips of everybody,” he added.
Umeh further suggested that the latest request could eventually receive approval because of the numerical strength of the ruling party in the National Assembly.
However, he maintained that the issues surrounding previous borrowings deserved serious attention.
Meanwhile, the latest request comes against the backdrop of Nigeria’s rising public debt.
Figures from the Debt Management Office showed that the country’s total public debt stood at N166.79 trillion as of June 30, 2026, compared with N87.38 trillion recorded in June 2023.
The proposed $20.52 billion and €1.045 billion facilities would represent additional external financing if approved and subsequently accessed.
