@businesstimesbt: ‘Why Borrow $20.5 Billion When Oil Prices Are High?’ Economist Questions Tinubu’s Loan Plan Economic policy analyst Kelvin Emmanuel has questioned President Bola Tinubu’s proposed $20.52 billion and €1.045 billion external borrowing plan, arguing that Nigeria should be generating more revenue from higher crude oil prices instead of seeking additional foreign loans. Emmanuel said crude oil delivery prices had reached $145 per barrel for refineries worldwide, including the Dangote Refinery in Lekki. He questioned why the government was seeking billions of dollars in additional financing for infrastructure, agriculture and education when higher oil prices should potentially increase national revenue. His comments come after Tinubu asked the National Assembly to approve the supplementary external borrowing plan for 2026–2027. The President said the proposed funds would support infrastructure, power, transportation, healthcare, agriculture, education, security and other development projects. The proposal has sparked debate over Nigeria’s oil revenue, public debt and the transparency of government borrowing. The Senate has referred the request to its Committee on Local and Foreign Debts for review, with a report expected within one week. 👉 Follow Business Times for more update #TheBusinessTimes #NigeriaEconomy #CrudeOil #PublicDebt #News

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Wednesday 28 October 2026 14:37:09 GMT