A presidential aspirant on the platform of the Young Progressives Party, Olajide Filani, has called for transparency and fiscal discipline as the Federal Government plans to obtain a fresh $6 billion loan.
Recall that the Senate recently approved President Bola Tinubu’s request to secure fresh external loans totalling $6 billion, aimed at plugging fiscal gaps and financing key infrastructure projects.
Filani expressed concern over the borrowing plan, warning that additional loans could worsen Nigeria’s debt burden at a time when crude oil prices are reportedly above budget benchmarks.
He said, “A nation benefiting from improved oil earnings should not be sinking deeper into debt,” adding that, “Ordinarily, higher oil revenues should translate into economic relief for citizens, not fresh borrowing.”
Filani stated this in a statement made available to journalists on Sunday to celebrate Easter, which marks the end of the Lenten period.
He noted that the Easter season calls not only for spiritual reflection but also for a sober consideration of responsibilities as citizens committed to building a nation founded on truth, accountability and purposeful leadership.
Filani said, “It is with deep concern that I address the recent move by the Federal Government to seek a fresh $6 billion loan at a time when our nation is experiencing improved crude oil revenues.
“With oil prices performing above budget benchmarks, Nigerians should be feeling the impact through economic relief—not an increased burden of debt. This situation raises critical questions about transparency and fiscal discipline.
“The justifications offered—budget deficit financing, infrastructure development, debt refinancing, and economic stabilisation—do not sufficiently warrant such borrowing. Rather, they expose deeper concerns about prioritisation and economic management.”
The presidential aspirant stated that a nation benefiting from increased oil earnings should not be grappling with unexplained deficits, saying, “Nigerians deserve clear answers: where are the proceeds of these revenues, and why have they not translated into improved living conditions for the people?”
While noting that infrastructure development remains essential, he said it must be pursued with prudence and a direct focus on improving citizens’ lives.
He said the practice of borrowing to service existing debts is both unsustainable and dangerous, warning that it could plunge the nation into a cycle of indebtedness that may mortgage the future of generations yet unborn.
On economic stabilisation, Filani said the reality on the ground tells a different story.
He said, “Inflation continues to rise, purchasing power is severely weakened, and the cost of living remains unbearable for many households. True economic stability must focus on reducing inflation, making energy affordable, and empowering citizens to thrive.”
He also raised concerns about what he described as a lack of rigorous debate and scrutiny surrounding such significant financial decisions, arguing that democracy thrives on transparency, accountability and strong legislative oversight.
He added, “As we celebrate Easter—a season of renewal, hope and victory—let it inspire a renewed commitment to rebuilding our nation on the pillars of integrity, competence and people-centred governance.
“As a presidential aspirant of the Young Progressives Party, I, Mr Olajide Toriah Filani, remain resolute in offering a new direction—one anchored on transparency, accountability and sustainable development for all Nigerians.
“The journey toward a better Nigeria begins with the choices we make today. As we look ahead to 2027, let us remain resolute, informed and united in our pursuit of genuine progress. May this Easter bring you joy, renewed hope, and the courage to believe in a brighter future.”
In a letter addressed to the President of the Senate, Godswill Akpabio, and read during plenary, Tinubu sought approval to borrow $5 billion from Abu Dhabi Bank to support budget deficit financing and meet existing debt obligations.
In a separate communication, the President also requested approval to obtain a $1 billion loan facility from UK Export Finance through Citibank in London to fund the rehabilitation of critical port infrastructure.
Tinubu noted that the projects—covering the Lagos Port Complex and Tin Can Island Port—are designed to tackle longstanding operational challenges and reposition Nigeria’s maritime sector.
According to the President, the projects aim to address critical deficiencies, improve efficiency, enhance safety standards, support non-oil trade diversification, and position Nigeria as a trade hub.
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