By: Joy Musa
In a bold stand for transparency, Senator Abdul Ningi has rejected President Bola Tinubu’s proposed $21 billion foreign loan, expressing deep concern over the lack of accountability and clarity surrounding its use. The move comes just days after the Nigerian Senate passed the loan request amidst growing public scrutiny over rising national debt.
Loading ...Senator Ningi, widely respected for his commitment to fiscal discipline, voiced his objections on the Senate floor, stating, “We can’t keep borrowing without knowing the details. Nigerians have a right to understand where this money is going.”
The Senator criticized what he described as a disturbing trend of opaque borrowing practices, warning that unchecked debts could cripple Nigeria’s economic future. He stressed the need for detailed breakdowns and a robust plan for fund utilization before any foreign loan of such magnitude is approved.
While the loan had received Senate approval, Ningi’s vocal dissent has sparked renewed public debate over Nigeria’s debt profile, which some experts argue is nearing unsustainable levels. Advocacy groups and economists have echoed his concerns, urging lawmakers to prioritize fiscal responsibility and transparent governance.
A representative from the Presidency defended the loan, citing infrastructure development and economic revitalization as key objectives. However, critics argue that without clear execution strategies, such funds risk mismanagement or misuse.
Political watchers say Ningi’s stance may embolden other lawmakers to demand deeper scrutiny of executive borrowing proposals in future legislative sessions.
As Nigeria continues to navigate complex economic challenges under the APC, the clash between executive ambition and legislative oversight underscores the vital need for transparent policymaking.
