The House of Representatives is set for a heated debate over President Tinubu’s $2.2 billion loan request, aimed at addressing the N9.7 trillion deficit in the 2024 budget. While the Senate has already approved the request, lawmakers in the House are divided.
Deputy Spokesman Philip Agbese assured Nigerians that the loan would support critical infrastructure projects, emphasizing adherence to strict procedures and fiscal prudence. “The Tinubu-led government has been prudent with resources. We will approve the loan without hesitation,” he said.
However, opposition voices, led by Minority Caucus leader Kingsley Chinda, caution against rushing into borrowing, advocating for exploring alternative funding methods and ensuring transparency in how loans are utilized. Labour Party representatives echoed concerns about Nigeria’s growing debt profile, stressing the need for accountability.
Despite the differing opinions, there is consensus that loans should prioritize essential capital projects rather than recurring expenses. The debate underscores the importance of balancing fiscal responsibility with the nation’s pressing infrastructure needs.
