By HallowMace Africa
President Bola Ahmed Tinubu’s request for National Assembly approval to secure $20.5 billion and €1.05 billion in external loans under the 2026–2027 Supplementary External Borrowing Plan raises fundamental questions about Nigeria’s debt sustainability, fiscal responsibility, and the independence of the legislature.
While external borrowing may be necessary to finance critical infrastructure, security, healthcare, education, agriculture, and other development priorities, Nigerians deserve clear answers about the purpose, cost, and long-term implications of such a substantial financial commitment.
The question is not whether Nigeria should borrow, but whether this borrowing is necessary, transparent, sustainable, and in the best interest of Nigerians.
With a general election approaching, the timing of this request deserves careful scrutiny. A borrowing plan of this magnitude should not be treated as an ordinary legislative formality or rushed through Parliament to meet an executive timetable.
Reports that the initial request lacks a detailed project-by-project breakdown, specific lender identities, and clearly stated interest rates and repayment terms make comprehensive scrutiny even more imperative.
The National Assembly must insist on full disclosure before reaching a decision.
What Should HallowMace Expect from the National Assembly?
– Demand full details before approval. Lawmakers must establish precisely how the funds will be utilised, which institutions will provide them, the applicable interest rates, repayment schedules, and the expected economic returns.
– Audit the impact of previous borrowings. Nigerians deserve an account of what previous loans have achieved. What projects have been completed? What remains outstanding? What tangible benefits have citizens received? Additional borrowing must not become a substitute for accountability.
– Protect legislative independence. The National Assembly must demonstrate that it is an independent arm of government, not a rubber stamp for the Executive. Its responsibility is to scrutinise, question, amend where necessary, and reject proposals that fail to meet the required standards.
– Consider the burden on future generations. Lawmakers must evaluate debt-servicing obligations, foreign-exchange risks, revenue projections, and the potential impact on public services. Development financing must not mortgage Nigeria’s future.
– Refuse unnecessary haste. If the required documentation is incomplete, the National Assembly should demand further information and allow adequate time for due diligence. The scale of this commitment warrants scrutiny, regardless of political considerations or electoral timelines.
At HallowMace Africa, we believe that lawmaking must take precedence over politicking, and national interest must prevail over political loyalty.
The credibility of the 10th National Assembly is on the line. This is an opportunity for lawmakers to reassure Nigerians that the legislature is capable of exercising meaningful oversight, even when the proposal before it comes from the President.
A strong President does not need a weak legislature. Indeed, a sound and independent legislature strengthens democracy, promotes accountability, and protects the public interest.
Our position is straightforward: Do not approve what you have not thoroughly scrutinised. Do not borrow without accountability. And do not sacrifice the future of Nigerians on the altar of political expediency.
The National Assembly must rise to its constitutional responsibility. Nigerians are watching, and history will judge the decisions made today.
HallowMace Africa……We treat the issues, not the people.
Signed.
Amb. Anderson Osiebe
Executive Director
HallowMace Africa
Amb. Hyginus John Oguh
Head, Public Communications
HallowMace Foundation
God bless Nigeria.
