FG Defends $21.7bn External Borrowing Plan as Infrastructure Investment

The Federal Government has defended its proposed $21.7bn external borrowing plan, saying it is designed to fund major infrastructure projects rather than simply add to Nigeria’s debt burden. Officials said the plan covers 46 projects across 11 sectors, including transport, power, agriculture, education and social protection. Transport projects account for $10.6bn, while part of the funding is expected to go to states, agencies and development finance institutions. The government said much of the financing would come on concessional terms from multilateral and bilateral partners. It also argued that the projects could lower logistics and energy costs, support food production and improve trade. The proposal has drawn criticism from opposition figures and other commentators, who want clearer details on the projects and the terms of the loans before the National Assembly approves the plan.

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