By Eshioromeh Sebastian
The Presidency has clarified that the $21 billion borrowing plan currently in the news is not a fresh loan, stating that it is the same proposal that has been reported since last year.
In a post on social media on Wednesday, Temitope Ajayi, Senior Special Assistant on Media and Publicity to President Bola Tinubu, explained that the Federal Government, through President Tinubu, presented a 2026–2027 borrowing plan to the National Assembly, as required under the Fiscal Responsibility Act.
According to him, the same borrowing plan has been reported repeatedly in ways that suggest the Federal Government or President Tinubu is taking out a fresh loan each time, even though it is the same proposal.
He noted that a borrowing plan is not the same as actual borrowing, describing it as a precursor to the actual borrowing. The plan had been presented earlier, and the President is now seeking the National Assembly’s approval to proceed with the borrowing under that plan.
“The Federal Government, through President Tinubu, presented a 2026–2027 borrowing plan to the National Assembly, as required under the Fiscal Responsibility Act. The National Assembly is expected to scrutinise the plan and the purpose of the proposed borrowing, which covers the Federal Government, some state governments and the FCT,” Ajayi said.
“For the records, President Tinubu is not taking out another $21 billion loan separate from the one previously reported in the media since last year. It is the same borrowing proposal being framed and reported differently, creating the misleading impression that a fresh loan is being taken each time the story makes the headlines,” he added.
Ajayi, a journalist and media professional who previously worked in mainstream media and held strategic positions in publishing, advertising and public relations, also faulted the media’s style of reporting such stories, saying it strips them of background and context and creates needless confusion among citizens.
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