Fix Waste, Publish Old Projects Before New Loans, Agada Tells FG

The Presidential Candidate of the Young Progressives Party (YPP), Architect Dr Peter Agada, has asked the Federal Government to fix waste of funds in the country and publish details of old projects before seeking new external loans.

He said fresh borrowing without blocking leakages and completing existing projects would only worsen Nigeria’s debt burden without tangible benefits to citizens.

Recall that President Bola Tinubu had on Tuesday written to Senate President Godswill Akpabio, seeking National Assembly approval for a supplementary external borrowing plan of $20.52 billion and €1.045 billion for 2026-2027.

The proposed borrowing is intended to finance infrastructure projects in power, transportation, health, agriculture and water across the 36 states and the Federal Capital Territory.

It comes at a time when Nigeria’s total public debt stands at N166.79 trillion as of June 2026, with debt service at N15.81 trillion and fiscal deficit at N31.46 trillion, while capital budget performance remains below 40 per cent.

It will also be recalled that the Federal Government secured approval for $2.347 billion in external borrowing in October 2025, with little public disclosure on implementation.

Reacting in a statement issued on Wednesday, Agada urged the National Assembly to demand a detailed compendium of previously funded projects, showing specific locations by ward and state.

“Nigeria could generate over N13 trillion yearly without new loans through lean governance, cutting cost of governance by 40 per cent and collapsing 250 duplicating agencies into 40.” he said

He added that Engineering, Procurement and Construction (EPC) direct contracting reforms would remove middlemen and save 35 per cent on capital projects.

“In architecture, you don’t borrow to build a new house when you have not roofed the old one. An architect does not add load to a collapsed pillar, he strengthens it first,” Agada said.