Oshiomhole: Senate to scrutinise Tinubu’s fresh $20.5bn loan request

Senator representing Edo North, Adams Oshiomhole, has said the National Assembly will subject President Bola Tinubu’s fresh external loan request to thorough scrutiny before granting approval.

Oshiomhole, a former governor of Edo State, stated this on Friday during an interview on Arise Television’s Morning Show, amid growing concerns over Nigeria’s rising debt profile.

President Tinubu had on Tuesday requested the approval of the National Assembly to secure fresh external loans of $20.5 billion and €1.04 billion to finance critical infrastructure and other development projects across the country.

Reacting to the request, Oshiomhole said lawmakers would not grant approval without examining the purpose of the proposed borrowing and the utilisation of previous loans obtained by the Federal Government.

According to him, the Senate has a responsibility to ensure that every borrowing proposal serves the interest of Nigerians and contributes meaningfully to national development.

“The Senate will scrutinise Tinubu’s fresh loan request. We won’t just approve it like that. We must look at it properly and ensure it is in the interest of Nigerians,” he said.

The former governor also expressed confidence that the Senate, under the leadership of Godswill Akpabio, would not abandon its constitutional responsibility by acting as a rubber stamp for the executive.

He maintained that the National Assembly must ask critical questions and demand accountability before approving additional borrowing.

The proposed loans have generated public debate, particularly against the backdrop of Nigeria’s increasing debt burden and concerns over the country’s capacity to meet existing debt obligations.

The development has also renewed calls for greater transparency in government borrowing, effective utilisation of borrowed funds and accountability for projects financed through external loans.