Dada Olusegun, Special Assistant on Digital Media to President Bola Ahmed Tinubu, has dismissed claims that the president is seeking to borrow a lump sum of $20 billion, describing the notion as a misconception.
In a recent statement, Olusegun explained that the $20 billion figure relates to Nigeria’s Medium Term Expenditure Framework (MTEF) for 2025-2026, which outlines the government’s planned access to external funding over the next two years. He emphasized that this framework is a standard budgeting tool used by governments to plan expenditure and financing over a set period.
Olusegun clarified that the Federal Government intends to raise $2 billion domestically for various infrastructure projects, marking a significant step in addressing Nigeria’s infrastructural challenges. The broader $20 billion figure covers planned borrowing by both the Federal Government and all 36 states, with the Federal Government acting as guarantor for state-level borrowings.
He noted that the National Assembly must approve all external borrowing requests and that the submission of the entire two-year borrowing plan at once is designed to avoid repeated monthly approval requests. However, the approval of the National Assembly does not guarantee that all approved funds will be fully utilized.
Highlighting the importance of responsible borrowing, Olusegun stated that loans are legitimate financial tools for public service delivery, but Nigerians should focus on how these loans are managed and used.
He reaffirmed President Tinubu’s commitment to fulfilling his electoral promises, insisting that necessary steps will be taken to ensure the government’s development agenda is achieved.
