The presidency has debunked widespread reports suggesting that President Bola Ahmed Tinubu is seeking to borrow a lump sum of $20 billion, clarifying that the figure is being misrepresented in public discourse.
In a statement posted on Wednesday via his verified X handle (@DOlusegun), Special Assistant to the President on Social Media, Dada Olusegun, explained that the President’s correspondence to the National Assembly outlines a comprehensive 2025–2026 Medium Term Expenditure Framework (MTEF) and not a blanket loan request.
“No, the President is not requesting to borrow $20bn, at least not like it has been made to sound,” Olusegun wrote, emphasizing that the framework spans two years and includes both federal and state government external financing projections for development initiatives.
He noted that the request consolidates all planned external borrowings—federal and state—into a single framework to streamline legislative processes and avoid repeated Senate approvals. He also clarified that states require federal guarantees to access international loans.
For the federal government, Olusegun highlighted that $2 billion is proposed to be raised domestically for infrastructure development, marking a strategic move to close Nigeria’s infrastructural gap.
He further stressed that approval by the National Assembly does not translate to immediate borrowing or disbursement, and any eventual borrowing would be project-specific and judiciously managed.
“Loans in themselves are not bad instruments of financing public services. What Nigerians must focus on is how such loans are being utilised,” he stated.
Olusegun reiterated President Tinubu’s commitment to transparency, development, and delivery on campaign promises, assuring that tough but necessary fiscal decisions will not be avoided.
The National Assembly is expected to deliberate on the framework in the coming weeks, amid calls for strategic planning and accountability in managing Nigeria’s growing debt profile.
