A leading opposition lawmaker in the House of Representatives, Hon. Philip Agbese, has thrown his weight behind the Federal Government’s proposed $21.7 billion supplementary external borrowing plan for 2026-2027, declaring that the huge loan is fully justified by President Bola Tinubu’s massive investments in critical infrastructure and significant improvements in the security sector.
Hon. Agbese, who is the Labour Party leader in Benue State and member representing Ado, Okpokwu and Ogbadibo Federal Constituency, described the borrowing as strategic financing for productive national assets rather than consumption spending, insisting that Nigerians must look beyond partisan politics and assess the tangible returns already visible across the country.
Speaking against the backdrop of intense public debate and criticism trailing the external borrowing proposal submitted to the National Assembly, the opposition figure argued that the plan prioritises productive assets that will generate long term economic value far beyond the cost of the loans, aligning perfectly with the administration’s broader Renewed Hope agenda of rebuilding national capacity after years of chronic underinvestment and infrastructure decay.
“This is not borrowing for the sake of borrowing. It is investment in the future of Nigeria,” Agbese stated.
“When you look at the allocation — over $10 billion for transport infrastructure alone, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway and key rail corridors — you see a government deliberately creating assets that will generate long-term economic value far exceeding the cost of the loans.”
He continued: “The same applies to the significant portion dedicated to defence and security. Any serious nation prioritises the safety of its citizens. The Federal Government is putting resources behind the men and women in uniform so they can finish the job against bandits, terrorists and kidnappers.”
Agbese further highlighted the administration’s track record of project delivery under the Federal Ministry of Works, citing the accelerated completion of major sections of the Abuja-Kaduna-Zaria-Kano highway using durable concrete pavement technology, the commissioning of initial segments of the landmark Lagos-Calabar Coastal Highway, and hundreds of other federal road projects completed or advanced nationwide within just over three years.
He pointed to parallel progress in the power sector, including recent Federal Executive Council approvals for the East and West Super Grids aimed at raising national transmission capacity dramatically from its current level, as clear evidence that borrowed funds are being channelled into real, visible and impactful development that directly touches the lives of Nigerians, rather than being frittered away.
The lawmaker stressed that states and the Federal Capital Territory stand to benefit substantially from the borrowing package, with a sizeable share earmarked for subnational projects on largely concessional and friendly terms. According to him, this innovative structure ensures that the borrowing strengthens the entire federation rather than concentrating benefits solely at the centre in Abuja.
“Look at what has been achieved in just over three years: major highways moving from paper to asphalt and concrete, rail lines advancing, and power infrastructure receiving the attention it has long been denied,” Agbese said.
“That is why the borrowing is justified. On security, the Armed Forces have recorded significant operational successes — neutralising thousands of terrorists and bandits, facilitating large-scale surrenders, and rescuing abducted citizens. Continued investment is necessary to consolidate these gains and expand the capacity of our security agencies,” he added.
Turning to the terms and conditions of the proposed financing, Agbese noted that a substantial portion of the $21.7 billion comes from multilateral and bilateral development partners at highly concessional rates with long moratoriums, while the commercial components remain competitive relative to previous market conditions and global interest rate trends. He dismissed critics who focus solely on the headline figure without examining the quality, viability and economic returns of the underlying projects or the improved fiscal space created by earlier bold reforms such as fuel subsidy removal and foreign exchange unification.
The Benue lawmaker argued that opposition to the plan on purely political grounds ignores the huge infrastructure deficit inherited by the current administration from previous governments and the urgent need to close it if Nigeria is to achieve sustainable double-digit growth, create jobs for its teeming youth population and improve living standards across all six geopolitical zones.
He called on his colleagues across party lines in both the Senate and the House of Representatives to prioritise national interest and economic pragmatism over partisan grandstanding when the National Assembly considers and debates the request in the coming weeks.
“Every progressive country borrows to build. What matters is whether the money creates lasting assets and strengthens national security. On both counts, this plan passes the test,” Agbese declared.
“We in the opposition must be honest enough to acknowledge progress where it exists. The people of Ado, Okpokwu and Ogbadibo, like Nigerians everywhere, want better roads, reliable power and safer communities. The Federal Government is taking concrete steps in that direction, and supporting the necessary financing is the responsible thing to do,” he concluded.
