The Presidency has moved to clarify recent media reports, stating emphatically that President Bola Tinubu did not present a $21 billion loan request to the National Assembly. Instead, the communication sent to the legislative body on Tuesday was a comprehensive borrowing plan for the Federal and State Governments for the years 2025-2026.
Temitope Ajayi, the Senior Special Assistant to President Tinubu on Media and Publicity, took to his ? handle on Wednesday to debunk what he described as false reports circulating in the media. Ajayi stressed that a borrowing plan is distinct from a loan request, emphasizing that the outlined loans may or may not be eventually secured.
According to Ajayi, presenting such a plan to the National Assembly aligns with President Tinubu’s commitment to fiscal responsibility. “Yesterday, President Bola Tinubu sent a communication to the National Assembly on the Federal Government and State Governments borrowing plan for 2025-2026 for consideration and approval. The material facts in the communication to NASS have been misrepresented and misreported,” he explained.
He further elaborated that a borrowing plan merely indicates what can be borrowed and identifies potential sources for specific projects deemed important by both federal and state governments. It also provides insight into what the Federal Government intends to borrow in 2025. Ajayi pointed out that even loans projected for the first quarter of 2025 have not yet been taken and might be deferred to the second half of the year.
“A plan to borrow money does not mean a loan will be taken at the end of it all. Even when specific loans are eventually taken, the drawdown has project timelines and milestones that will take between 5-6 years,” Ajayi stated.
He expressed concern over the media’s portrayal, noting that “Instead of the news reports to be nuanced and contextual, virtually every news outlet went to town that Tinubu wants to borrow $21 billion dollars and all manners of public affairs analysts and ‘experts’ have been running commentaries on the basis of misrepresentation of facts.”
Ajayi concluded his statement by appealing to the media for more accurate and factual reporting. “We should do better by presenting information accurately and factually to the public,” he added.
