A Labour Party leader in Benue State, Hon. Philip Agbese, has supported the Federal Government's proposed $21.7 billion supplementary external borrowing plan. He argued that investments in critical infrastructure and the security sector justify the additional financing. Agbese said the proposed borrowing should be assessed against the country's infrastructure deficit, ongoing development projects, and the need to strengthen security operations.
Agbese described the borrowing as strategic financing for productive national assets, insisting that the funds were intended to support long-term economic growth rather than recurrent expenditure. He cited allocations for transport infrastructure, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, and major rail corridors, as evidence of the administration's commitment to addressing the country's infrastructure gaps.
The lawmaker defended the allocation for defence and security, arguing that sustained investment in the country's security architecture was necessary to tackle terrorism, banditry, and kidnapping. He pointed to ongoing road construction under the Ministry of Works, including sections of the Abuja-Kaduna-Zaria-Kano highway, as evidence of the administration's infrastructure drive.
Agbese also highlighted government approvals for the East and West Super Grid projects, saying investments in transmission infrastructure were necessary to address longstanding constraints in the power sector. He argued that the proposed borrowing would also benefit state governments and the Federal Capital Territory, with a significant portion of the financing expected to support projects at the subnational level.
According to Agbese, the financing structure would enable states to undertake critical development projects while strengthening infrastructure delivery across the federation. He noted that major highways were moving from paper to asphalt and concrete, rail lines were advancing, and power infrastructure was receiving attention.
The lawmaker defended the proposed financing arrangements, noting that a substantial portion of the loans would come from multilateral and bilateral development partners at concessional rates. He dismissed criticisms that focus exclusively on the $21.7 billion headline figure, arguing that public debate should also examine the quality of the projects, financing conditions, and expected economic returns.
Agbese urged members of the National Assembly, irrespective of political affiliation, to consider the national interest when deliberating on the borrowing request. He added that supporting infrastructure development and security investments should not be viewed strictly through the prism of party politics, saying that the people want better roads, reliable power, and safer communities.
Key points
- The proposed borrowing plan is intended to support long-term economic growth through investments in critical infrastructure and security.
- A substantial portion of the loans will come from multilateral and bilateral development partners at concessional rates.
- The lawmaker urged members of the National Assembly to consider the national interest when deliberating on the borrowing request.
