The senator representing Bauchi central senatorial district, Abdul Ningi, has taken a decisive stance against the recently approved $21 billion foreign loan sought by President Bola Ahmed Tinubu’s administration, stating that the request lacks transparency, clarity of purpose, and sound financial grounding.
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Senator Ningi, known for his consistency on matters of fiscal accountability, voiced concerns over transparency and equitable distribution, warning that Nigerians deserved to know the specifics of the loans and their intended impact.
“We need to tell our constituents exactly how much is being borrowed in their name, and for what purpose,” he said.
The loan, as part of the medium-term external borrowing plan covering 2022 to 2024, was passed by the Senate with the stated aim of funding infrastructure and social investment programmes. However, Ningi argued that beyond the political framing, Nigerians are entitled to know where the money is going and what measurable benefits it will bring.
“Transparency is not optional; it is constitutional,” he said. “At a time when the country is struggling with inflation, high debt servicing costs, and declining purchasing power, any additional debt must be tied to real economic gains.”
His rejection has sparked renewed conversation within policy circles, with economists warning that Nigeria’s external loan appetite must be approached with caution. Many have applauded Ningi’s intervention, describing it as a necessary check on executive powers and a call for responsible legislative oversight.
Analysts also note that Ningi’s concerns highlight a broader issue in Nigeria’s budget process—where loan approvals are often treated as procedural formalities, rather than serious fiscal decisions that affect the country’s economic sovereignty.
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