The lawmaker representing Edo North, Senator Adams Oshiomhole, has spoken out in support of President Bola Tinubu’s recent request for foreign loans, saying that the practice is not unusual and has been used by previous Nigerian leaders.
Oshiomhole made this statement while appearing on Politics Today, a programme aired on Channels Television on Sunday. During the interview, the former Edo State governor said President Tinubu should not be singled out or criticized for seeking international financial assistance, as other Nigerian presidents had done the same.
According to the senator, borrowing funds—especially for capital projects such as roads, bridges, and power infrastructure—is a common and necessary step taken by governments across the world. He noted that every president from Olusegun Obasanjo to Muhammadu Buhari had, at different times, requested loans from foreign bodies to help fund national projects.
Oshiomhole said, “Once the purpose of borrowing is clear and acceptable, it is patriotic to approve of it. Because this is not the first president to borrow. I would challenge you to name any Nigerian president, from Olusegun Obasanjo to Shehu Musa Yar’Adua, though I’m not too sure about that because he didn’t live enough.
“But Jonathan and Buhari did borrow. Even America is borrowing. The current bill in the United States is going to push US deficit to about 31 to $36trn.
“You name the country that doesn’t borrow. For me, borrowing for the right purpose like infrastructure is very healthy.”
His remarks came just weeks after President Tinubu submitted a letter to the National Assembly requesting approval for external loans amounting to $21.5 million and ¥15 billion. The same letter also included a proposal for a €65 million grant. The funding request is part of the administration’s larger 2025–2026 external borrowing plan.
The letter, read by Senate President Godswill Akpabio during a plenary session on May 27, included details about the planned projects the funds would support, although the full breakdown was not made public.
Oshiomhole noted that borrowing isn’t a sign of economic weakness but rather a tool for progress when used wisely. He urged Nigerians to focus on what the loans are meant for, rather than assuming that any borrowing is harmful.
He added that major economies like the United States also depend on loans and manage large national debts, showing that the strategy is not unique to Nigeria.
