Deputy Spokesperson of the House of Representatives, Hon Philip Agbese, has assured Nigerians that there is no need to panic over the National Assembly’s approval of President Bola Tinubu’s recent $2.347 billion external borrowing request.
Addressing journalists in Abuja on Monday, Agbese said President Tinubu had shown the fiscal discipline and managerial competence required to deploy borrowed funds transparently and productively.
According to him, the President’s policies have begun to restore economic stability and investor confidence, describing Tinubu as a "meticulous economic planner" with a clear vision for national growth.
Both chambers of the National Assembly had, last Wednesday, approved the President’s request to raise $2.347 billion from the international capital market to part-finance the 2025 budget deficit and refinance maturing Eurobonds.
The breakdown of the loan, as presented by the Chairman of the House Committee on Aids, Loans and Debt Management, Hon Abubakar Hassan Nalaraba (APC–Nasarawa), includes $1.23 billion to support the 2025 budget deficit and $1.12 billion to refinance Eurobonds due in November 2025.
The funds are to be sourced through Eurobond issuance, loan syndication, bridge financing, or direct borrowing from multilateral partners.
Lawmakers also gave approval for Nigeria’s first-ever international Sovereign Sukuk issuance of up to $500 million, intended to attract Islamic-compliant investors.
While acknowledging public fears about the nation’s debt burden, Agbese maintained that the Tinubu administration had put in place clear frameworks for prudent utilisation and repayment of loans.
"President Bola Ahmed Tinubu is not an ordinary politician; he is a tested economic strategist. His record as Lagos State Governor remains a model for how strategic planning and fiscal discipline can transform an economy," he said.
Agbese stated that the President’s Renewed Hope Agenda aims to create jobs, expand infrastructure, and sustain ongoing economic reforms.
He also cited recent signs of economic stabilisation, including improved investor sentiment and better exchange rate management, as evidence of deliberate policy execution.
He commended the National Assembly for maintaining strict oversight to ensure that every approved loan is tied to measurable development outcomes.
"With President Tinubu at the helm, there is no cause for fear. His track record of transforming Lagos into Africa’s fifth-largest economy speaks volumes," Agbese said.
He appealed to Nigerians to be patient, insisting that the administration’s tough decisions are essential for building a more resilient and self-sustaining economy.
"The Renewed Hope Agenda is about building for the future. Every loan will be used for its intended purpose. This is the kind of leadership Nigeria has long needed, one we must all support," he said.
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