Rufai Oseni blasts Tinubu govt over $20.5bn loan request without cost-benefit analysis
Arise News anchor Rufai Oseni slammed the Tinubu administration on Friday's 'Morning Show' for seeking fresh loans without explaining repayment plans or quantifying benefits to Nigerians. "You don't just take loans without doing cost benefit analysis. What is the benefit of these loans to Nigerians? You must explain to us," Oseni said, responding to President Tinubu's request to borrow $20.5 billion and €1.05 billion.
Oseni argued no serious government borrows without demonstrating whether loans will benefit citizens or become burdens, warning that continued borrowing adds pressure on an already strained economy where Nigerians face severe hardship. The critique triggered polarized reactions online—many agreeing with Oseni, while government supporters maintain the loans fund critical infrastructure and economic expansion.
President Tinubu has defended the borrowing, insisting investments will expand opportunities for future generations. However, the administration has not publicly released a detailed cost-benefit analysis for the latest loan request, nor specified exact projects the funds will finance.
Nigeria's current debt service already consumes over 90% of federal revenue. The $21.55 billion equivalent request would push total public debt significantly higher. Without transparent analysis showing projected returns exceeding borrowing costs, citizens cannot assess whether this debt creates productive assets or simply kicks financial crises forward.
Should major borrowing require mandatory parliamentary scrutiny with published cost-benefit analyses before approval, or is executive discretion sufficient for "strategic" investments?