Tinubu’s Borrowing Plan Faces Scrutiny Over Abandoned Projects

The Nigerian government's proposed borrowing plan, seeking $20.52 billion and €1.045 billion in external loans, has drawn attention due to past issues with loan-funded projects. Nearly $857 million was allocated to four federal-backed projects, but these have been linked to abandoned infrastructure and incomplete programs.

BusinessDay highlighted concerns that the proposed borrowing lacks a detailed public breakdown of individual projects, including their locations, costs, contractors, and expected returns. This absence of transparency complicates efforts to evaluate how the funds will be used and the anticipated benefits.

The proposed borrowing for 2026 and 2027 occurs amid ongoing questions about whether previous loans have effectively delivered the promised infrastructure, public services, and economic benefits, raising doubts about the justification for new borrowing.