The National Democratic Congress (NDC) has questioned President Bola Tinubu’s (PBAT’s) latest request for approval to secure $20.52 billion and €1.045 billion in external loans, warning that Nigeria risks mortgaging the future of coming generations through mounting debt.
PBAT has asked the National Assembly to approve the processing of the loans under the 2026–2027 Supplementary External Borrowing Plan, to finance critical projects across various sectors, including infrastructure, agriculture, healthcare, education, water supply, security and employment generation, as well as financial management reforms.
The NDC challenged the Federal Government to account for previous borrowings, demanding evidence of completed projects and measurable benefits to Nigerians before the National Assembly approves additional loans.
Spokesperson of the NDC National Presidential Campaign Council (Obi/Kwankwaso 2027), Dr. Chiogo Constance Ikokwu, raised the concerns in a statement, describing the latest borrowing proposal as a development that demands urgent scrutiny.
Dr. Ikokwu cited figures showing that Nigeria’s external debt increased from $43.16 billion in June 2023 to $54.52 billion in June 2026, representing an increase of $11.36 billion or 26.3 per cent.
She added that the country’s total public debt rose from ₦87.38 trillion to ₦166.79 trillion within the same period, representing approximately 90.9 per cent increase.
According to her, adding the latest loan request and previously approved but undrawn facilities could push Nigeria’s potential external debt exposure to about $81.96 billion, assuming no overlap and eventual disbursement of the facilities.
The NDC spokesperson questioned the justification for further borrowing despite increasing government revenues, particularly when lawmakers had raised concerns over inadequate capital releases to ministries, departments and agencies under previous budgets.
She asked the Federal Government to identify the roads completed, hospitals made operational and power projects delivered through previous loans, insisting that Nigerians deserved tangible returns on the country’s growing debt obligations.
Dr. Ikokwu urged the President and the National Assembly to demand a comprehensive, project-by-project register of all external loans obtained since May 2023, detailing amounts borrowed and disbursed, loan conditions, project locations, implementation status and independently verified outcomes.
She also called for a transparent assessment of future debt-servicing obligations and the risks associated with exchange-rate fluctuations.
“Borrowing can support national development, but only when investments deliver measurable benefits and repayment remains sustainable,” she said.
She maintained that the central question was not how much Nigeria could borrow but what citizens were receiving in return for the country’s mounting financial obligations.
The NDC spokesperson therefore urged the National Assembly to subject Tinubu’s latest borrowing request to rigorous scrutiny and ensure that Nigerians receive satisfactory answers before further financial commitments are undertaken.
