Rufai Oseni tackles Tinubu over fresh $20.5bn loan request, demands accountability

Arise Television anchor, Rufai Oseni, has criticised the Federal Government over its persistent borrowing, insisting that every loan must be subjected to a thorough cost-benefit analysis before approval.

Oseni questioned the rationale behind the administration’s continuous resort to external borrowing, demanding that the government explain how the loans would be repaid and the tangible benefits Nigerians stand to gain.

The broadcaster made the remarks on Friday while speaking on Arise Television’s Morning Show, against the backdrop of President Bola Tinubu’s fresh request to borrow $20.5 billion and €1.05 billion.

He argued that responsible economic management requires the government to establish the economic viability of every borrowing plan and demonstrate how such funds would improve the welfare of citizens.

According to him, borrowing without clearly defined benefits and repayment strategies could worsen the country’s economic challenges and impose additional financial burdens on future generations.

“You don’t just take loans without doing cost-benefit analysis. What is the benefit of these loans to Nigerians? You must explain to us,” Oseni said.

He expressed concern that Nigerians were already grappling with severe economic hardship, warning that excessive borrowing without proper scrutiny could further undermine the country’s economic stability.

The development has generated mixed reactions among Nigerians, with some supporting Oseni’s demand for accountability, while others have defended the administration’s borrowing plans as necessary for infrastructure development and economic expansion.

Meanwhile, President Tinubu has defended his administration’s borrowing strategy, maintaining that the proposed loans are investments intended to create opportunities and secure a better economic future for coming generations.

The debate has once again brought to the fore questions about Nigeria’s rising debt profile, the sustainability of government borrowing and the need for transparency in the management of public resources.