Senate Approves $6bn Loan in Hours, Yet Oyo’s 46 Abductees Spend 41 Days in Captivity

The Nigerian Senate took less than 24 hours to approve President Bola Tinubu’s $6 billion external loan request. Meanwhile, 46 schoolchildren and teachers abducted in Oyo State have now spent 41 days in terrorist captivity. The contrast raises uncomfortable questions about the government’s priorities.

The Loan: A Swift Approval

On March 31, 2026, the Senate approved President Tinubu’s request to secure $6 billion in external loans. The decision came just hours after the President formally wrote to the Senate seeking legislative backing. The approval followed the presentation and consideration of a report by Senator Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts.

The package consists of $5 billion from First Abu Dhabi Bank and $1 billion from UK Export Finance through Citibank. The funds are earmarked for budget implementation, infrastructure projects, and refinancing existing debts. Nigeria’s total debt stock is set to rise to N155.1 trillion following this approval. The President also projected a debt service obligation of about N20.5 trillion for 2026.

The Abductees: 41 Days and Counting

On May 15, 2026, gunmen stormed three schools in Oriire Local Government Area of Oyo State. They abducted 39 schoolchildren and seven teachers, including a school principal. The victims range in age from two to 16 years old. One teacher, Michael Oyedokun, was killed the following day.

Security forces have trapped the terrorists inside Oyo National Park. But the operation has faced stiff resistance. The terrorists have planted Improvised Explosive Devices and frequently change locations within the forest. At least three soldiers have been killed during rescue efforts. A lieutenant in the Nigerian Army was also killed two days before Governor Seyi Makinde’s address to protesters.

The terrorists have demanded the release of two senior Boko Haram commanders in exchange for the hostages. Authorities have reportedly ruled out negotiations. President Tinubu has assured residents that “every realistic measure, including international collaboration” is being taken to secure their release. He also approved the recruitment of 1,000 forest guards following the abduction.

A Question of Priority

The numbers tell a stark story. Less than 24 hours for $6 billion in new debt. Forty-one days and counting for 46 innocent lives.

The Senate’s expedited approval came amid broader fiscal adjustments, with Tinubu proposing an additional N9 trillion to the 2026 budget. Yet the same urgency has not translated into a resolution for the Oyo abductees. Security forces have surrounded the terrorists, but the operation has slowed due to difficult terrain and deadly tactics.

Former Vice President Atiku Abubakar has criticised the Senate’s swift approval, warning that it reflects “weak oversight, fiscal recklessness, and risks mortgaging Nigeria’s future”. Meanwhile, the families of the abducted children and teachers continue to wait. The terrorists have reportedly reduced some of their demands, but 46 people remain in captivity.

For a government that can move heaven and earth to borrow billions in hours, 41 days is an eternity to secure the release of schoolchildren. The question Nigerians are asking is simple: Why can’t the same urgency be applied to saving lives?

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