Tinubu will prudently utilise loans for Nigeria’s growth — Reps Deputy spokesman

By Gift Chapi-Odekina, Abuja

The Deputy Spokesperson of the House of Representatives, Rep. Philip Agbese, has expressed confidence in President Bola Ahmed Tinubu’s handling of Nigeria’s economy, describing him as a “meticulous economic planner” committed to stabilising the nation and driving sustainable development.

Speaking with journalists at the National Assembly, Agbese assured Nigerians that the recently approved external borrowings by the Federal Government should not trigger concern, stressing that under Tinubu’s leadership, “every loan will be judiciously used for its intended purpose.”

Agbese, who represents Ado/Okpokwu/Ogbadibo Federal Constituency of Benue State under the All Progressives Congress (APC), made the remarks after the National Assembly approved President Tinubu’s request to raise $2.347 billion from the international capital market to part-finance the 2025 budget deficit and refinance maturing Eurobonds.

The House endorsed the plan after adopting a report presented by Hon. Abubakar Hassan Nalaraba, Chairman of the House Committee on Aids, Loans, and Debt Management. The borrowing package includes $1.23 billion to support the 2025 budget and $1.12 billion to refinance Eurobonds maturing in November 2025.

The funds will be sourced through Eurobond issuance, loan syndication, bridge financing, or direct borrowing from multilateral institutions. Lawmakers also approved Nigeria’s first-ever Sovereign Sukuk of up to $500 million, aimed at attracting Islamic-compliant investors and diversifying the nation’s debt instruments.

Addressing concerns about Nigeria’s increasing debt stock, Agbese insisted that the Tinubu administration will deploy the loans responsibly and strategically.

“President Bola Ahmed Tinubu is not just an ordinary politician; he is a tested economic strategist who has demonstrated exceptional prudence in resource management,” he said. “His record as Lagos State Governor remains a model of how strategic planning and fiscal discipline can transform a region into an economic powerhouse.”

Agbese said Tinubu’s economic approach is guided by a clear plan to strengthen critical sectors, create jobs, and support long-term national development.

“He doesn’t take decisions impulsively. Every borrowing plan is carefully evaluated with a clear repayment framework and measurable developmental outcomes. Nigerians can trust his judgment,” he added.

He praised the Renewed Hope Agenda for restoring investor confidence and noted early signs of progress in stabilising the exchange rate and implementing monetary reforms.

“These are not accidental successes,” he said. “They are the results of visionary leadership, meticulous planning, and consistent follow-through.”

Agbese also commended the National Assembly’s cooperation with the executive arm to ensure transparency and accountability in debt management.

“As representatives of the people, we ensure oversight and accountability. But Nigerians can rest assured that President Tinubu’s proven track record — including transforming Lagos into Africa’s fifth-largest economy — speaks for itself.”

He emphasised that Tinubu’s economic reforms are designed to secure long-term growth, industrial expansion, and infrastructural renewal, not just immediate relief.

“What President Tinubu is building is for the future — a competitive Nigeria, reduced dependence on imports, and jobs for millions of young people,” he said.

Agbese urged Nigerians to remain patient and supportive of the administration’s reforms.

“No doubt, President Tinubu will utilise every loan for its intended purpose,” he concluded. “He is meticulous, visionary, and committed to Nigeria’s prosperity. This is the leadership we need, and it’s one we must rally behind.”

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