By Reno Omokiri
Dear Citizens of the Federal Republic of Nigeria,
Please let us respond to facts, not fake news or innuendo. Download the Federal Government’s Medium-Term Expenditure Framework (MTEF) and read it yourself.
President Bola Tinubu is not about to borrow $21 Billion. The MTEF contains the borrowing plan for both the Federal and State Governments for the next three years.
In other words, the $21 billion is what the Federal Government and the 36 states can borrow over the next three years. Not what they will borrow. What they can borrow. They are not even likely to take those loans. It is just a framework for what is possible.
For example, while the MTEF provides for extensive borrowings in 2025, only $1.23 billion will actually be borrowed. And that $1.23 billion will be borrowed by both the Federal and state governments from all geopolitical zones.
The MTEF only shows possible borrowing that Nigeria is entitled to based on agreements with our external borrowing partners, which must be in line with both the Fiscal Responsibility Act 2007
and the Debt Management Office. (Establishment) Act 2003.
And the Borrowing Rolling Plan ties such possible borrowings by the Federal and State Governments to specific projects.
For actual borrowings, Nigerians should look at the budgets of both the Federal and State Governments.
Therefore, the sensational headlines proclaiming that President Tinubu is to borrow $21 billion are both fake and alarmist.
Again, I urge Nigerians to read the MTEF and the 2025 Appropriation Act.
President Bola Tinubu is a First-Class Cum Laude accountant adept at securing finances at the best rates from the most suitable lenders and for the right purposes.
Under such a skilled professional hand, one who has worked in the highest levels at both the private and public sectors, Nigerians can expect their national debt to reduce, not increase.
Finally, Nigerians should note that many opposition media and influencers know that many of our people sadly do not read and are, therefore, susceptible to manipulation via misinformation and propaganda.
Thus, I urge the public to read as much as possible and verify from official sources before they make conclusions based on sensational headlines.
Reno Omokri
Gospeller. Deep Thinker. #TableShaker. Ruffler of the Feathers of Obidents. #1 Bestselling author of Facts Versus Fiction: The True Story of the Jonathan Years. Hodophile. Hollywood Magazine Humanitarian of the Year, 2019. Business Insider Influencer of the Year 2022. 21st Most Talked About Person in Africa, 2024.
