Tinubu Defends Borrowing Plan as Labour Demands Accountability

President Bola Tinubu has defended his administration’s borrowing strategy as investment in infrastructure and future economic capacity, while labour representatives question why additional loans are necessary. The latest explanation, circulated by presidential spokesman Bayo Onanuga on Thursday, 29 October, develops the borrowing request previously reported by Civique News.

Contemporary accounts of the request reproduce US$20,517,755,901 and €1,045,083,643 under the 2026–2027 Supplementary External Borrowing Plan. Some headlines use approximately $21.7 billion for the wider financing framework, while others give a conflicting euro amount. The underlying presidential letter was not independently obtained in this review, so readers should not treat differently rounded headlines as an exact reconciled total.

The letter was reported to have been read by Senate President Godswill Akpabio on Tuesday, 27 October, and referred to the Senate’s debt committee with the finance and appropriations committees. Referral for scrutiny is not the same as parliamentary approval or loan disbursement.

In his latest essay, Tinubu identifies the Lagos–Calabar Coastal Highway, Sokoto–Badagry Superhighway, Trans-Sahara Superhighway, grid upgrades and modernisation of Lagos ports as priorities. He argues that the relevant test is the value of completed assets, employment and expanded opportunities.

The presidency’s projected benefits include lower logistics costs and additional jobs. Those figures are forecasts, not measured results. The Nation reports the government describes the proposed financing as a five-year framework that might not be drawn down in full, with a significant transport allocation.

NLC President Joe Ajaero, speaking on Channels television on Thursday, questioned continued borrowing despite government claims of improved revenue after subsidy removal. He acknowledged that the union does not have the power to approve or reject the loans.

Correction and update, 30 October: the earlier Civique brief gave only the dollar shorthand and insufficient context. The request also contains euro financing. Final creditors, terms, approval status, drawdowns and independently verified project outcomes should be checked separately; none can be assumed from the president’s defence of the programme.

Sources: Daily Trust — https://dailytrust.com/breaking-tinubu-asks-senate-to-approve-20-5bn-e1-04bn-foreign-loans/ | The Nation, 30 October — https://thenationonlineng.net/tinubu-were-borrowing-to-build-for-future-generations/ | Vanguard, 29 October — https://www.vanguardngr.com/2026/10/nlc-faults-tinubus-fresh-external-loan-request/