A former senator who represented Kaduna Central, Shehu Sani, has expressed confusion over President Bola Tinubu’s latest request to borrow over $21.5 billion, despite the recent removal of fuel subsidies, a move that was supposed to save the country money.
Posting on X, formerly Twitter, Sani said, “Even though lawmakers have the full details, borrowing such huge amounts after removing subsidies is a bit confusing to me.”
On Tuesday, May 27, President Tinubu asked the National Assembly to approve an external borrowing plan worth $21.5 billion, as well as a separate bond issuance of N757.9 billion.
According to the letters sent to the National Assembly, the president explained that the bond will be used to settle unpaid pension liabilities owed by the government. The full breakdown of the external loans includes, $21.54 billion, €2.19 billion, and 15 billion Japanese Yen, plus a €65 million grant.
Tinubu said the funds will be invested in critical sectors of the economy and help boost Nigeria’s foreign exchange reserves. He also stated that this financial strategy would help stabilise the economy and ultimately benefit ordinary Nigerians.
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