On Friday, Edo North Senator Adams Oshiomhole told Arise Television’s Morning Show that the Senate will not automatically endorse President Bola Tinubu’s request for fresh external borrowing, insisting the proposal will undergo rigorous examination by the National Assembly.
What is the President requesting?
President Bola Tinubu asked the legislature on Tuesday to approve new external loans amounting to $20.5 billion and €1.04 billion. The funds are intended to finance critical infrastructure projects across the country.
Why is the Senate cautious?
Oshiomhole argued that the Senate has a constitutional duty to question how previous loans were spent and to demand clear justification for any additional borrowing. He emphasized that “the Senate will scrutinise Tinubu’s fresh loan request. We won’t just approve it like that. We must look at it properly and ensure it is in the interest of Nigerians,” he said during the interview.
Who leads the Senate’s oversight?
The former Edo State governor noted that under Senate President Godswill Akpabio, the upper chamber will act as a “check” rather than a rubber‑stamp, promising to protect the nation’s fiscal health.
What is the public reaction?
The statement comes amid growing public concern over Nigeria’s rising debt burden. Citizens and civil society groups have voiced anxiety that additional foreign borrowing could exacerbate fiscal pressures without transparent accounting of past loan utilization.
What are the next steps?
The National Assembly is expected to convene a series of hearings where Treasury officials and loan officers will present detailed project plans and repayment schedules. Lawmakers will likely seek amendments that tie disbursements to measurable outcomes before any approval is granted.
In summary, while President Tinubu’s administration is pushing for a sizable influx of foreign capital, Senator Oshiomhole has made clear that the Senate will demand full transparency and rigorous scrutiny before endorsing the proposal, reflecting broader worries about Nigeria’s debt sustainability.