Expert urges Tinubu to explore Sukuk over fresh foreign loans

Financial specialist Asiwaju Busari Shaamsuddeen Akande urged Bola Tinubu’s government to consider sovereign Sukuk and other non-interest financing to fund infrastructure without adding to Nigeria’s debt burden. Speaking in Calabar, he recommended measuring repayment capacity against actual revenue, monitoring how each loan is used, and assessing projects such as port modernisation and power transmission for their economic returns. Akande also proposed asset-backed Sukuk and called for transparency about loan spending, beneficiaries and expected returns. Tinubu is seeking legislative approval for $20.52 billion and €1.045 billion in external borrowing under the 2026–2027 Supplementary External Borrowing Plan, which is under consideration.