A member of the opposition Labour Party in the House of Representatives, Philip Agbese, has defended President Bola Tinubu’s proposed $21.7 billion external borrowing plan, arguing that the funds would support critical infrastructure development and strengthen national security.
Agbese, who represents Ado/Okpokwu/Ogbadibo Federal Constituency of Benue State, said the proposed borrowing should be assessed based on the projects it is expected to finance rather than the size of the figure alone.
His position differs from criticism by some opposition figures who have questioned the Federal Government’s decision to seek additional external loans amid Nigeria’s existing debt burden and economic challenges.
President Tinubu recently requested the National Assembly’s approval for a supplementary external borrowing plan comprising approximately $20.52 billion and €1.05 billion, bringing the total value to about $21.7 billion.
The proposed financing is intended to support projects and programmes covering the 2026 and 2027 fiscal years.
Defending the request, Agbese described the borrowing as an investment in productive national assets rather than money intended for routine government spending.
“This is not borrowing for the sake of borrowing. It is investment in the future of Nigeria,” he said.
The lawmaker pointed to major transport infrastructure projects, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway and key rail corridors, arguing that improved transportation networks could support trade, economic activities and long-term development.
He also cited progress on the Abuja-Kaduna-Zaria-Kano highway and ongoing investments in the power sector, including proposed super grid projects, as examples of areas requiring sustained funding.
On security, Agbese argued that additional investment would help strengthen the capacity of the Armed Forces and other security agencies to tackle terrorism, banditry and kidnapping.
He maintained that a significant portion of the proposed financing would come through multilateral and bilateral arrangements on concessional terms, while urging lawmakers to consider the potential benefits for states and the Federal Capital Territory.
Agbese further challenged his colleagues across party lines to examine the proposal beyond political differences and consider its potential impact on communities and national development.
However, the proposed borrowing has generated debate among political stakeholders, particularly over Nigeria’s rising public debt, repayment obligations and the capacity of government projects to deliver measurable economic returns.
The request is still subject to consideration and approval by the National Assembly. Agbese urged lawmakers to support it, maintaining that investments in infrastructure and security could help address some of the country's long-standing development challenges.
The debate is expected to continue as lawmakers examine the proposed financing and its implications for Nigeria’s public finances.