Oshiomhole defends Tinubu's $22bn borrowing plan for infrastructure
Senator Adams Oshiomhole (Edo North) defended President Tinubu's latest $22 billion borrowing request on TVC's Beyond the Headline, insisting the loans target infrastructure deficits—not salaries or recurrent spending. The request has been formally sent to the Senate and referred to the Committee on Local and Foreign Debts.
Oshiomhole argues Nigeria cannot delay critical roads, railways, and power projects until revenue covers them fully. He says foreign borrowing reflects credibility and prevents crowding out local businesses from domestic credit. The alternative, he says, is to "stop borrowing, stop development" or take sustainable long-term loans that grow the economy enough to repay the debt.
The senator pushed back on Atiku Abubakar's criticism, saying opposition lawmakers should use Senate oversight to demand explanations—not obstruct development. He also questioned the $16 billion spent on power under Atiku's administration, arguing inflation makes today's $22 billion worth less in real terms. Oshiomhole cited China's infrastructure-led growth as the model Nigeria should follow.
Key details: Loans are for capital projects only. Senate committee will review and recommend. Reliable electricity is central to Tinubu's industrialization push—manufacturers won't return if they depend on generators.
With Nigeria's debt service already consuming over 90% of revenue, the core question remains: Can this borrowing generate enough economic growth to service itself, or does it deepen a fiscal trap? The Senate's deliberation in coming weeks will test whether lawmakers prioritize infrastructure urgency over debt sustainability concerns.