Tinubu's $21.7bn Borrowing Plan: Labour Party Lawmaker Agbese Takes Stand
- Labour Party Rep Philip Agbese broke ranks with opposition critics to back the federal government's $21.7bn external borrowing proposal
- Agbese pointed to road, rail, power, and security investments as evidence that borrowed funds are being directed toward productive national assets
- The Benue lawmaker urged colleagues across party lines to prioritise national interest when the National Assembly considers the borrowing request
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Abuja, FCT - A federal lawmaker from the opposition Labour Party has come out in support of the Tinubu administration's $21.7 billion supplementary external borrowing plan, arguing that visible progress in infrastructure and security justifies the proposed financing.
Hon. Philip Agbese, who represents the Ado/Okpokwu/Ogbadibo Federal Constituency in Benue State and serves as the Labour Party leader in the state, said the funds should be seen as an investment in national assets rather than routine government spending.
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"This is not borrowing for the sake of borrowing. It is investment in the future of Nigeria," Agbese said.
Why Agbese Backs the Borrowing Plan
The lawmaker drew attention to the breakdown of the proposed package, noting that more than $10 billion is allocated to transport infrastructure alone, covering projects such as the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, and key rail corridors. He described this as deliberate asset creation with returns that would outweigh the cost of the loans over time.
On the security allocation, Agbese said any serious government must back its armed forces, pointing to what he described as significant operational progress, including the neutralisation of thousands of terrorists and bandits, large-scale surrenders, and the rescue of abducted citizens. He argued that continued investment is needed to consolidate those gains.
Agbese also cited progress under the Ministry of Works, including the accelerated construction of major sections of the Abuja-Kaduna-Zaria-Kano highway using concrete pavement, the commissioning of early segments of the Lagos-Calabar Coastal Highway, and the approval of East and West Super Grids to expand power transmission capacity across the country.
Agbese Calls for Nonpartisan Assessment
The lawmaker stressed that a significant portion of the borrowing comes from multilateral and bilateral partners on concessional terms, with subnational allocations designed so that states and the Federal Capital Territory also benefit directly. He said this structure prevents the benefits from being concentrated only at the federal level.
Agbese dismissed criticism of the plan as politically motivated, saying opponents were focusing on the headline figure without examining the quality of the underlying projects or the fiscal gains already achieved through earlier reforms, including fuel subsidy removal.
"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," he said.
He appealed to fellow legislators from all parties to weigh the national interest when the National Assembly takes up the borrowing request, adding that the people of his constituency, like Nigerians broadly, need better roads, stable electricity, and safer communities.
"We in the opposition must be honest enough to acknowledge progress where it exists," Agbese concluded. "The Federal Government is taking concrete steps in that direction, and supporting the necessary financing is the responsible thing to do."
Source: Legit.ng
