Concerned Nigerian citizen Bayi Niyass has intensified calls for the rejection of President Bola Ahmed Tinubu’s latest external borrowing proposal, urging the National Assembly, particularly the Senate, to exercise its constitutional oversight responsibilities and prevent what he describes as an unsustainable accumulation of public debt. He has also called on the Economic and Financial Crimes Commission (EFCC) and the Independent National Electoral Commission (INEC) to strengthen their oversight of public funds and political campaign financing amid growing concerns about Nigeria’s economic challenges.
The controversy follows President Tinubu’s request for legislative approval of a supplementary external borrowing plan comprising $20,517,755,901 and €1,045,083,643 under the Federal Government’s 2026–2027 Supplementary External Borrowing Plan. The proposed financing, worth approximately $21.7 billion in combined dollar-equivalent terms at the exchange rates used in published reports, is intended to support projects and programmes across critical sectors of the economy. The request was presented to the National Assembly in October 2026 and subsequently referred for legislative consideration.
According to the President, the proposed financing would address Nigeria’s infrastructure deficit and support investments in transportation, power, healthcare, agriculture, education, water supply, security, employment generation and public financial management reforms. The administration maintains that the projects were selected following technical and economic evaluations and are expected to promote economic growth, job creation, entrepreneurship, poverty reduction and food security.
However, Niyass argues that the government must demonstrate greater financial discipline and accountability before seeking additional loans at a time when millions of Nigerians continue to face economic hardship, rising living costs, inflationary pressures and the declining purchasing power of the naira. He maintains that further borrowing without adequate public disclosure, transparent project monitoring and demonstrable results from previous loans could increase the financial burden on future generations.
He is therefore calling on the Senate to reject the latest borrowing proposal unless the Federal Government provides compelling evidence of its necessity, publishes sufficiently detailed information about the projects to be financed and demonstrates how the proposed expenditure will generate measurable economic benefits capable of justifying the debt and its repayment obligations.
Niyass has also called for transparency concerning the international institutions identified in his appeal for scrutiny, including the World Bank, African Development Bank (AfDB), Islamic Development Bank (IsDB) and Japan International Cooperation Agency (JICA). He wants Nigerians to have access to relevant information about the proposed financing arrangements, including the participating lenders, project allocations, interest rates, repayment schedules, conditions attached to the facilities and the mechanisms for ensuring that borrowed funds are used exclusively for their approved purposes.
His appeal extends to the EFCC, which he wants to remain vigilant against possible financial misconduct, including fraud, money laundering and the diversion of public resources. He is also urging INEC to enforce applicable campaign-finance rules and ensure that public funds and government resources are not unlawfully deployed to advance the interests of any political party or candidate as the country approaches another election cycle.
Niyass argues that the timing of major borrowing proposals makes transparency and independent oversight particularly important. He warns that the substantial movement of public money requires strict monitoring, effective auditing and clear accountability mechanisms to protect the national interest. However, concerns about possible diversion into political campaign financing must be investigated on the basis of credible evidence; the borrowing proposal itself does not establish that the funds are intended for campaigns or have been diverted.
The debate has already attracted criticism from other political figures and lawmakers. Former Vice-President Atiku Abubakar called for greater disclosure of the projects to be financed before the borrowing request receives further consideration, while Senator Victor Umeh questioned the management of previous borrowings and the reported failure to settle some contractors executing capital projects. Former President Olusegun Obasanjo also criticised the country’s continued dependence on borrowing, warning that excessive debt could impose serious burdens on future generations.
Meanwhile, Senate President Godswill Akpabio referred the latest request to the Senate Committee on Local and Foreign Debts for examination in collaboration with the relevant committees on Appropriations and Finance. The committees were directed to review the proposal and report back to the Senate within one week. The administration’s justification for the proposed financing and the concerns raised by its critics now place the legislative scrutiny process at the centre of the national debate.
Niyass is urging Nigerians, civil society organisations, human rights activists, labour groups, opposition figures and other concerned citizens to take an active interest in the borrowing proposal and submit formal petitions to their representatives and the National Assembly. He wants lawmakers to examine the potential long-term consequences of the proposed facilities rather than approve them without demanding full accountability for previous and proposed borrowings.
For Niyass, the central question is not simply whether Nigeria needs infrastructure or development financing, but whether the country can continue accumulating substantial debts without stronger guarantees that the money will be properly spent, projects will be completed and the public will receive value for every naira borrowed.
He insists that national development must not become a justification for unchecked borrowing and that the interests of Nigerians, particularly future generations, must take priority over political considerations. His message to the National Assembly is unequivocal: reject the proposed borrowing unless its necessity, terms, beneficiaries and accountability safeguards are adequately established.
As the debate continues, the call for public participation is clear: Nigerians should demand transparency, responsible financial management and measurable results from government spending. “No more loans for Tinubu and APC” is the slogan behind Niyass’s appeal, as he urges lawmakers to put the country’s long-term economic stability and the welfare of its citizens ahead of further debt accumulation.