Senator Abdul Ningi has distanced himself from Tinubu’s $21 billion loan plan despite Senate approval.
He cited vague details and poor accountability, warning Nigeria’s debt burden could worsen.
Senator Abdul Ningi has rejected President Tinubu’s request for a $21 billion foreign loan.
He cited a lack of transparency and clarity, despite the Senate’s approval of the borrowing plan.
Senator Abdul Ningi has raised strong objections to the $21 billion foreign loan request recently approved by the Nigerian Senate at the behest of President Bola Ahmed Tinubu. Despite backing from the majority of lawmakers, Ningi dissociated himself from the decision, citing significant concerns about transparency and accountability.
Speaking after the Senate approves of the loan request, which forms part of Tinubu’s broader infrastructural and economic development plans, Ningi questioned the clarity surrounding the loan terms, implementation strategy, and intended impact on national development. He warned that without adequate scrutiny, such borrowing could further burden the country’s already strained finances.
“I cannot in good conscience support a loan request of this magnitude when the details remain vague and accountability mechanisms are unclear,” Ningi reportedly said. He added that Nigeria must stop treating foreign loans as routine and instead focus on measurable results tied to such borrowings.
President Tinubu had forwarded a $21 billion loan proposal to the Senate to fund critical infrastructure across various sectors, including energy, transportation, and agriculture. The administration argues that the loans are essential for fast-tracking development under the Renewed Hope Agenda.
However, Ningi, who recently returned to the Senate after a brief suspension over a budget-padding controversy, emphasized the need for legislative diligence. He urged the government to prioritize openness, stakeholder engagement, and clearly defined repayment structures.
His dissenting stance adds to the ongoing public debate about Nigeria’s growing debt stock, which critics argue is becoming unsustainable. As of early 2025, the country’s total public debt had crossed ₦97 trillion, according to the Debt Management Office.
