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President Bola Ahmed Tinubu has defended his administration’s decision to continue seeking external loans to fund national projects, asserting that debt is a necessary tool for economic growth.

Speaking on the matter, the President emphasized that his government would not shy away from borrowing as long as the funds are channeled into productive sectors of the economy.

Addressing stakeholders in a recent session, the President dismissed the stigma often associated with national debt.

He maintained that the focus should not be on the act of borrowing itself, but on the ability of the nation to manage and settle its obligations through consistent economic productivity.

According to him, if we have to borrow money, we will, because borrowing is not leprosy; we just have to work hard to be able to repay it.”

President Tinubu further explained that no nation can achieve significant developmental milestones without strategic financial leverage.

He noted that the current administration is committed to building infrastructure and creating an environment where the economy can thrive enough to service these debts comfortably.

He insisted that the narrative surrounding the country’s debt profile needs to change, as borrowing remains a standard practice for many global powers seeking expansion.

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The Nigerian Senate on Wednesday confirmed Lamido Yuguda as the Deputy Governor of the Central Bank of Nigeria (CBN).

The confirmation follows his screening and clearance by the Senate Committee on Banking, Insurance and Other Financial Institutions.

Recall that President Bola Tinubu had, in March, approved the appointment of Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN), subject to confirmation by the Senate.

The appointment is in accordance with Section 8(1) of the Central Bank of Nigeria Act, 2007.

According to a statement by the Special Adviser to Tinubu on Information and Strategy, Bayo Onanuga, Yuguda’s nomination follows the recent appointment of the erstwhile Deputy Governor, Mr Bala Bello, as Special Adviser to the President on Political Economy.

The President later requested Yuguda’s confirmation by the lawmakers.

Yuguda was given the privilege of a “take a bow and go” during his screening on Wednesday morning by the Senate Committee before the start of plenary.

Chairman of the committee, Senator Adetokunbo Abiru, had initially indicated that the nominee should field questions on monetary and fiscal policy, given the strategic importance of the office.

However, this was overtaken by a motion moved by Senator Osita Izunaso, who urged the panel to adopt the long-standing Senate tradition for well-known and previously vetted nominees.

Izunaso, whose motion was seconded by Senator Sarafadeen Alli (Oyo South), noted that Yuguda had undergone multiple screenings in the past for key national assignments, including his role as Director-General of the Securities and Exchange Commission (SEC) and as a member of the CBN’s monetary policy structure.

He said the nominee had consistently demonstrated competence and integrity in previous roles.

He added that lawmakers were already familiar with his track record.

Following a voice vote, the committee unanimously endorsed the motion, effectively clearing Yuguda for confirmation.

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The Senate, on Wednesday, endorsed a $516 million loan request from President Bola Tinubu.

The approval followed the consideration of a report during plenary, presented by the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko.

Recall that President Tinubu had requested the Senate’s approval for the loan to fund part of the Sokoto-Badagry Superhighway project.

The request was conveyed in a letter addressed to Senate President Godswill Akpabio and read during last Thursday’s plenary.

The President said the project is a 1,000-kilometre flagship highway designed to link Nigeria’s North-West to the South-West.

According to the proposal, the highway will run from Illela in Sokoto State through Kebbi, Niger, Kwara, Oyo, and Ogun, terminating in Badagry, Lagos State.

The loan will specifically fund Sections 1, Phase 1a and 1b, covering 120 kilometres of the total corridor.

According to the proposal, the highway will run from Illela in Sokoto State through Kebbi, Niger, Kwara, Oyo, and Ogun, terminating in Badagry, Lagos State.

The loan will specifically fund Sections 1, Phase 1a and 1b, covering 120 kilometres of the total corridor.

Tinubu explained that the funding arrangement involves a syndicated loan from Deutsche Bank AG, backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit.

During deliberations, lawmakers highlighted the strategic importance of the highway project.

Senator Tahir Monguno noted that the road was expected to connect three of Nigeria’s geopolitical zones and significantly reduce travel time between the northern and southern parts of the country.

The Senate President, Godswill Akpabio, explained that an earlier $5 million request by the President, approved by the Senate, was to be assessed.

He noted that the borrowing arrangement through Abu Dhabi had stalled owing to escalating conflict in the region, preventing the Federal Government from drawing on the funds.

He added that securing alternative financing sources would accelerate ongoing development efforts.

Beyond transportation, lawmakers argued that the Sokoto–Badagry Super Highway project is expected to boost agricultural productivity by improving access to markets, supporting dam development, and strengthening the agricultural value chain.

The Senate’s approval is expected to be transmitted to the President today for final action.

Naijapunchnews reports that the House of Representatives had earlier approved the loan request.