Philip Agbese: Tinubu’s borrowings guided by development priorities, not impulse

Philip Agbese, deputy spokesperson of the house of representatives, says President Bola Tinubu’s borrowings are guided by development priorities, not impulse.

Last week, the national assembly approved Tinubu’s request to borrow $2.35 billion to finance part of the 2025 budget deficit.

The upper and lower chambers also granted the president’s request to issue a $500 million debut sovereign Sukuk in the international capital market (ICM) to fund infrastructure projects and diversify Nigeria’s financing sources.

The green chamber approved the implementation of the new external borrowing of N1,843,669,786,987.16 (equivalent to $1,229,113,000.00) at the budget exchange rate of $1.00/N1,500 provided as new external borrowing in the 2025 Appropriation Act to part-finance the budget deficit of N9,276,348,934,935.79.

The federal government’s fresh borrowing has sparked mixed reactions, with some Nigerians criticising the president over the nation’s debt profile.

Speaking to journalists on Monday, Agbese said there is no cause for concern over the federal government’s recent external borrowing approvals, assuring that every facility secured under Tinubu’s administration would be transparently utilised for development purposes.

“The president doesn’t make decisions impulsively. Every borrowing plan under this administration is carefully thought out, with a clear framework for repayment and measurable developmental outcomes,” he said.

The All Progressives Congress (APC) lawmaker said Tinubu is a “tested economic strategist who has demonstrated exceptional prudence in resource management”.

“His record as Lagos state governor remains a model of how strategic planning and fiscal discipline can transform a region into an economic powerhouse,” he said.

“Mr President knows what he is doing. He doesn’t make decisions impulsively.

“Every borrowing plan under this administration is carefully thought out, with a clear framework for repayment and measurable developmental outcomes. Nigerians can trust his sense of judgement.

“From stabilising the exchange rate to boosting investors’ confidence, we are beginning to see the results of a visionary leader who understands both local and international economics.

“These are not accidental successes—they are the result of meticulous planning and consistent follow-through. As representatives of the people, we have a duty to ensure transparency and accountability.

“But I can assure Nigerians that with President Tinubu at the helm, there’s no cause for fear.

“His track record of transforming Lagos into Africa’s fifth-largest economy speaks volumes about his capacity to deliver. What President Tinubu is building is not just for today; it’s for the future.

“The renewed hope agenda is about repositioning Nigeria to compete globally, reduce dependency on imports, and create jobs for millions of young Nigerians.”

Agbese said Tinubu is “meticulous, visionary, and deeply committed to seeing Nigeria prosper”, adding that the president is providing leadership Nigeria “long desired”.