Hon. Philip Agbese, Labour Party leader in Benue State and member representing Ado/Okpokwu/Ogbadibo Federal Constituency, has strongly defended the Federal Government’s proposed $21.7 billion supplementary external borrowing plan.
According to Agbese, the funds are fully justified by the Tinubu administration’s massive investments in critical infrastructure and the gains recorded in the security sector.
The lawmaker described the borrowing as strategic financing for productive national assets rather than consumption spending.
Speaking against the backdrop of intense public debate over the 2026-2027 external borrowing proposal, the opposition figure argued that Nigerians must look beyond partisan lenses and assess the tangible returns already visible across roads, power, rail and defence.
He noted that the plan prioritises productive assets rather than consumption, aligning with the administration’s broader Renewed Hope agenda of rebuilding national capacity after years of underinvestment.
“This is not borrowing for the sake of borrowing. It is investment in the future of Nigeria,” Agbese stated.
“When you look at the allocation—over $10 billion for transport infrastructure alone, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway and key rail corridors—you see a government deliberately creating assets that will generate long-term economic value far exceeding the cost of the loans.”
He continued: “The same applies to the significant portion dedicated to defence and security. Any serious nation prioritises the safety of its citizens.
“The Federal Government is putting resources behind the men and women in uniform so they can finish the job against bandits, terrorists and kidnappers.”
Agbese further highlighted the administration’s track record of project delivery under the Ministry of Works, citing the accelerated completion of major sections of the Abuja-Kaduna-Zaria-Kano highway using durable concrete pavement, the commissioning of initial segments of the Lagos-Calabar Coastal Highway, and hundreds of other road projects completed or advanced nationwide.
He pointed to parallel progress in the power sector, including approvals for East and West Super Grids aimed at raising transmission capacity dramatically, as evidence that borrowed funds are being channelled into real, visible development.
The lawmaker stressed that states and the Federal Capital Territory stand to benefit substantially from the package, with a sizeable share earmarked for subnational projects on largely concessional terms.
According to him, this structure ensures that the borrowing strengthens the federation rather than concentrating benefits solely at the centre.
“Look at what has been achieved in just over three years: major highways moving from paper to asphalt and concrete, rail lines advancing, and power infrastructure receiving the attention it has long been denied,” Agbese said.
“That is why the borrowing is justified. On security, the Armed Forces have recorded significant operational successes—neutralising thousands of terrorists and bandits, facilitating large-scale surrenders, and rescuing abducted citizens.
“Continued investment is necessary to consolidate these gains and expand the capacity of our security agencies,” he added.
Turning to the terms of the proposed financing, Agbese noted that a substantial portion comes from multilateral and bilateral partners at concessional rates, while commercial components remain competitive relative to previous market conditions.
He dismissed critics who focus solely on the headline figure without examining the quality of the underlying projects or the improved fiscal space created by earlier reforms such as subsidy removal.
The Benue lawmaker argued that opposition to the plan on purely political grounds ignores the infrastructure deficit inherited by the current administration and the urgent need to close it if Nigeria is to achieve sustainable growth and improved living standards.
He called on colleagues across party lines to prioritise national interest when the National Assembly considers the request.
“Every progressive country borrows to build. What matters is whether the money creates lasting assets and strengthens national security. On both counts, this plan passes the test,” Agbese declared.
“We in the opposition must be honest enough to acknowledge progress where it exists. The people of Ado, Okpokwu and Ogbadibo, like Nigerians everywhere, want better roads, reliable power and safer communities.
“The Federal Government is taking concrete steps in that direction, and supporting the necessary financing is the responsible thing to do,” he concluded.