Fresh $21.7bn Loan: Experts Raise Questions Over Debt, Accountability

President Bola Tinubu’s proposed $21.7 billion external borrowing plan has renewed concerns over Nigeria’s debt sustainability, accountability for previous loans and the economic benefits Nigerians stand to gain from additional borrowing.
The proposed borrowing comprises $20.52 billion and €1.045 billion and is intended to finance projects under the Federal Government’s 2026–2027 Supplementary External Borrowing Plan.
The facilities are expected to support investments in critical sectors, including power, transportation, healthcare, education, agriculture, water supply, security and employment generation.
However, the proposal has raised questions about Nigeria’s ability to service ...