Analyst Questions Tinubu’s $20.5bn Loan Request Amid $145 Oil Price say ‘Something Is Not Adding Up’

According to a report by Daily Post on Thursday October 29, 2026, economic and financial analyst Emmanuel Kelvin has questioned the Federal Government’s decision to seek additional external loans despite crude oil prices reportedly reaching $145 per barrel.

Kelvin raised the concerns during an interview on Channels Television, arguing that higher oil prices should generate additional revenue for Nigeria and potentially reduce the need for fresh borrowing.

His comments come amid growing debate over President Bola Tinubu’s request for approval to secure $20.5 billion and €1.45 billion in supplementary external financing for infrastructure, agriculture and education.

The analyst questioned why the government was pursuing such a substantial borrowing package when rising crude oil prices could increase earnings from Nigeria’s oil exports.

According to him, the administration needs to explain how the country’s expected revenue gains from higher oil prices align with its decision to seek additional loans for key sectors of the economy.

“So, if crude oil prices are this high and you are supposed to get revenue accretion from higher crude oil prices, why are you going to borrow $20bn for infrastructure, agriculture and education? Something is not adding up,” Kelvin said.

The proposed financing package has attracted criticism from Nigerians and opposition figures, who have called for greater clarity regarding the government’s borrowing plans and their implications for public finances.

Former Vice President Atiku Abubakar, the presidential candidate of the African Democratic Congress (ADC), has urged the Senate to seek detailed explanations from the Tinubu administration before considering the request.

Arise Television anchor Oseni Rufai has also criticised the president’s latest borrowing proposal, adding to the public debate over the government’s reliance on external financing.

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