Title: Nigerian Senate Approves President Tinubu’s $21.5 Billion Loan Request

The Nigerian Senate has approved President Bola Ahmed Tinubu’s request to borrow $21.5 billion from external sources. This significant move is part of the administration’s plan to fund large-scale projects and support key sectors of the economy.

The loan approval followed heated debates in the National Assembly, where Senate President Godswill Akpabio highlighted the importance of the funds for national development. According to details presented to lawmakers, the loan will be directed toward infrastructure, agriculture, energy, transportation, and healthcare.

One of the major projects to benefit from the funds is the much-talked-about Lagos–Calabar Coastal Highway, alongside youth empowerment initiatives, food security programs, and renewable energy development.

While the federal government maintains that the loans are necessary for economic growth and will be obtained under favorable repayment terms, critics are expressing deep concern. Many fear the new debt will worsen Nigeria’s already troubling debt profile, which currently stands at over ₦97 trillion.

Some senators and civil society groups questioned the government’s borrowing strategy, pointing out that past loans have not translated into meaningful improvements in the lives of ordinary Nigerians. There are also concerns about the lack of accountability and transparency in the use of previous funds.

The presidency, however, insists the borrowed money will be carefully managed and used to stimulate economic growth, create jobs, and bridge the infrastructure gap across regions.

As this development unfolds, Nigerians are demanding transparency, proper oversight, and measurable results. With inflation, unemployment, and insecurity still troubling the nation, many citizens hope this fresh loan will not end up wasted or mismanaged like past borrowings.