Paul Ibe, media aide to the presidential candidate of the African Democratic Congress, ADC, Atiku Abubakar, has challenged President Bola Tinubu’s proposed $21.7 billion exterior borrowing plan, demanding full particulars of the tasks and the way the loans can be repaid.
In a put up shared on X, Ibe faulted Finance Minister Taiwo Oyedele’s defence of the plan as funding quite than borrowing, arguing that the funds would nonetheless have to be repaid with curiosity.
He demanded a breakdown of the 46 proposed tasks throughout 11 sectors, together with their prices, places, implementing businesses, procurement data and completion schedules.
Ibe additionally questioned the financing phrases, noting that the proposed $5 billion World Bank part reportedly carries a median rate of interest of about 2.1 per cent, whereas the industrial part has an indicative common charge of seven.8 per cent.
He requested the federal government to publish the total repayment schedule and clarify how Nigeria would service the loans if oil earnings declined, the naira weakened or tasks have been delayed.
Atiku aide additional demanded feasibility research and independently assessed prices for main tasks, together with the Lagos-Calabar and Sokoto-Badagry highways and the Kano-Kaduna rail challenge.
He urged the federal government to make clear whether or not any of the proposed tasks already had price range allocations or accepted financing, and to determine which states and businesses would obtain the funds and carry the repayment obligations.
Ibe known as on the National Assembly to demand the related paperwork and topic the plan to public scrutiny earlier than approval.
Ibe mentioned, “Nigerians understand the need for infrastructure. They also understand that an inflated contract, an abandoned project or an unrealistic revenue forecast can leave them paying for promises that never materialise.
“Calling debt an investment does not answer who will pay, how much, or for how long.”
