Votes are Near, Debts Keep Rising As fresh borrowing requests stir controversy ahead of the general election, Festus Akanbi examines the administration’s infrastructure defence and whether growing repayment obligations will leave Nigeria’s next government enough room to deliver As fresh borrowing requests stir controversy ahead of the general election, Festus Akanbi examines the administration’s infrastructure defence and whether growing repayment obligations will leave Nigeria’s next government enough room to deliver development Nigeria’s next President will inherit two competing demands: the promises that win an election and the repayment schedules that survive it.
For citizens awaiting functioning hospitals, decent classrooms and reliable electricity, the concern is whether yesterday’s debts will consume tomorrow’s opportunities.
President Bola Tinubu’s latest defence of foreign borrowing sharpens that tension.
His administration argues that loans will finance productive infrastructure, create jobs and support a $1 trillion economy by 2030.
Critics demand evidence that rising obligations are delivering benefits commensurate with their costs. The immediate controversy concerns the request submitted to the Senate on October 27 for approximately $20.52 billion and €1.05 billion under the 2026–2027 Supplementary External Borrowing Plan. The proposed financing covers infrastructure, agriculture, healthcare, education and other programmes. With the presidential election scheduled for January 16, 2027, its implications extend beyond the administration seeking approval.
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