NDC SLAMS TINUBU OVER FRESH $7.7BN LOAN REQUEST, WARNS OF RISING DEBT

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By: Hammad Fasasi

The Nigeria Democratic Congress (NDC) on Thursday criticised President Bola Tinubu’s request for a fresh $7.7bn (approximately N10.79tn) external loan, raising concerns over the country’s growing debt profile and its potential consequences for future generations.

The party’s National Presidential Campaign Council called on Nigerians to demand accountability and responsible management of public funds from political leaders through their votes in the 2027 general elections.

In a statement, the council’s spokesperson, Dr Chiogo Ikokwu, said the latest borrowing request had further heightened concerns over the Federal Government’s continued dependence on external loans to finance budget deficits.

Ikokwu described the development as a “One Week! New Loan!” borrowing spree, accusing the President of having the backing of a National Assembly that she characterised as a rubber-stamp legislature.

She said Nigerians appeared unable to stop the frequent borrowing requests because the President had allegedly secured the support of lawmakers, who she claimed approved loan proposals even before they were formally presented.

However, Ikokwu urged Nigerians not to lose hope, describing the ballot as the most powerful instrument for bringing about political change.

She called on citizens to use their votes to rescue the country from what she described as a debt trap and support a government committed to transparency, accountability and prudent management of public resources.

The NDC spokesperson said the development highlighted the need for Nigerians to use the January 16, 2027 presidential election to demand a change in leadership.

She also urged voters to support the party’s presidential candidate, Peter Obi, and his running mate, Rabiu Musa Kwankwaso, arguing that electoral participation remained an effective means of holding leaders accountable.

Drawing comparisons with the United States, Ikokwu said Americans had demonstrated the importance of electoral participation by turning out to vote in the November 3, 2026 elections despite prevailing economic challenges.

She encouraged Nigerians to follow the example by actively participating in the forthcoming general elections.

The party further warned that the country’s economic future should not be jeopardised through unsustainable borrowing and the mismanagement of public resources.

Meanwhile, Tinubu’s latest loan request was conveyed to the Senate in a letter dated October 26, 2026, which Senate President Godswill Akpabio read during Wednesday’s plenary.

The President is seeking legislative approval to borrow $7.7bn, equivalent to approximately N10.79tn at the budget exchange rate of N1,400 to the dollar, to partly finance the 2026 budget deficit.

The latest proposal effectively replaces an earlier request seeking approval for $20.52bn and €1.05bn in external loans, which the President subsequently withdrew.

The Senate has referred the new borrowing proposal to its relevant committees for consideration.