TINUBU DEFENDS $21.7BN LOANS: “FOCUS ON VALUE, NOT AMOUNT”

President Bola Tinubu has defended the Tinubu $21.7bn loans, saying the money will build infrastructure and create jobs.

He urged Nigerians to judge loans by what they deliver, not by their size.

He made the case in an essay titled “From reforms to delivery: Our infrastructure investment and growth strategy,” published on X by his spokesman, Bayo Onanuga, on Thursday.

ValidViewNetwork reports that the defence follows opposition demands for details.

THE REQUEST

The package comprises $20.52 billion and €1.045 billion under the 2026-2027 external borrowing plan, per a letter read by Senate President Godswill Akpabio on Tuesday.

Critics note the letter gave no project-level details.

THE PRESIDENT’S CASE

Tinubu tied the borrowing to his goal of a $1 trillion economy by 2030, saying Nigeria cannot reach that scale with infrastructure built for a smaller economy.

He projected 100,000 direct and over 150,000 indirect jobs from the Lagos-Calabar Coastal Highway. One report says he put its possible boost to GDP at 2 percent.

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He also leaned on market verdicts. He cited 4.43 percent GDP growth, declining inflation and $55.1bn in external reserves. He called the ratings agencies’ assessments independent, not political endorsements.

He said borrowing was shifting from short-term fiscal pressures to investments that earn returns.

THE OTHER SIDE

Atiku Abubakar has urged the Senate to demand full details and to reject any approval without them. The coverage seen does not show a project-by-project breakdown of the package.

Good projects survive scrutiny, and a $21.7bn bill invites it. The Tinubu $21.7bn loans debate now rests on what the Senate committee demands before it reports.