Former Kaduna Central Senator, Shehu Sani, has expressed concern over President Bola Ahmed Tinubu’s latest move to secure another round of foreign loans despite the removal of fuel subsidies, which was aimed at reducing Nigeria’s dependency on borrowing.
Reacting via his verified Twitter account, Sani said, “Even though the lawmakers have the details of the request, after the removal of subsidies, borrowing such billions of dollars is a bit confusing to me.”
His statement comes amid reports that President Tinubu has formally written to the National Assembly, seeking approval to borrow billions of dollars from international creditors to fund critical infrastructure and development projects across the country.
Sani, a former lawmaker and public commentator known for his blunt views on governance, questioned the rationale behind the borrowing, considering that the removal of fuel subsidies was widely presented as a step toward freeing up funds and reducing Nigeria’s fiscal burden.
Analysts have also pointed out that Nigeria’s debt profile has continued to grow, with servicing costs consuming a significant portion of the national budget. The public outcry has intensified, especially after the subsidy removal led to a sharp rise in the cost of living, triggering inflation and widespread hardship.
Sani’s comment appears to echo the sentiments of many Nigerians who are skeptical about the benefits of continuous external borrowing without clear, transparent mechanisms for repayment and impac assessment.
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