The Nigeria Democratic Congress (NDC) has criticised President Bola Ahmed Tinubu’s request for a fresh $7.7 billion external loan, equivalent to about ₦10.79 trillion, describing it as excessive borrowing and warning that rising debt could threaten Nigeria’s economic future.
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Key Highlights
- NDC criticises Tinubu’s request for a fresh $7.7 billion external loan, valued at about ₦10.79 trillion.
- The party calls for greater transparency and accountability in public finance.
- The Senate referred the proposal to its Committee on Local and Foreign Debts for scrutiny.
- Tinubu says the funds would support security, transport, agriculture, power, education and healthcare.
- NDC urges Nigerians to vote for Peter Obi and Rabiu Musa Kwankwaso in the January 16, 2027 election.
The party questioned the Federal Government’s continued reliance on borrowing to finance its budget deficit and called for stronger scrutiny of public borrowing proposals.
NDC Raises Alarm Over Nigeria’s Growing Debt
In a statement issued on Thursday, NDC National Presidential Campaign Council spokesperson Dr Chiogo Constance Ikokwu described the latest proposal as another example of what she called Tinubu’s recurring “one-week, new loan” pattern.
She warned that increasing debt obligations could place additional financial pressure on future generations if public resources were not managed prudently.
Ikokwu also questioned the level of legislative scrutiny given to Federal Government borrowing requests, accusing the National Assembly of failing to independently examine proposals before endorsing them.
“Truly, it seems that right now, we cannot stop President Tinubu from his One Week! New Loan! One Week! New loan! Borrowing spree, which is already hitting the roof, because, regrettably, he has pocketed the National Assembly. We seem to have a rubber-stamp legislature that before a loan request formally gets to its desk, it has already been endorsed,” she said.
NDC Calls on Nigerians to Demand Accountability in 2027
Ikokwu urged Nigerians to participate actively in the January 16, 2027 general election, saying the ballot is a means to demand transparency, fiscal responsibility and accountability from political leaders. The date appears in INEC’s official election calendar.
She referred to the November 4, 2026 American elections, which she said demonstrated the importance of citizens’ participation in determining political leadership. According to Ikokwu, Americans facing high living costs and economic difficulties had shown voters could use the ballot to influence governance.
She called on Nigerians to support the party’s presidential candidate, Peter Obi, and his running mate, Rabiu Musa Kwankwaso, and urged citizens not to lose confidence in the democratic process.
“But Nigerians should not despair. The ballot remains our most powerful instrument of change. We appeal to citizens to use their votes to rescue the country from this debt trap and entrust its future to a government committed to transparency, accountability and prudent management of public resources,” she added.
Tinubu Seeks Senate Approval for ₦10.79 Trillion External Loan
The request was conveyed in a letter dated October 26, 2026, which Senate President Godswill Akpabio read during Wednesday’s plenary session. Tinubu sought approval to raise ₦10,790,366,835,481, equivalent to $7,707,404,882.49, based on the 2026 budget exchange rate of ₦1,400 to the dollar.
The President said the proposed external borrowing forms part of the ₦29.2 trillion new borrowing provision in the 2026 Appropriation Act. The plan comprises ₦18.4 trillion in domestic borrowing and about ₦10.79 trillion in external financing.
According to the President, the funds would finance part of the Federal Government’s 2026 budget deficit, estimated at ₦31.4 trillion, and support projects across key sectors.
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Sectors to Benefit From Proposed Loan
The proposed financing options include concessional and commercial facilities from multilateral and bilateral institutions, International Monetary Fund facilities, bridge financing, loan syndications and direct borrowing from international financial institutions.
Tinubu said the Federal Government would place greater emphasis on Eurobond issuance, citing its faster processing time and capacity to raise substantial funds. He said final interest rates, repayment periods and other conditions would depend on market conditions when transactions are concluded.
He identified defence and security, transportation, agriculture, power, education and healthcare as priority sectors. He also argued that the foreign-currency proceeds would strengthen Nigeria’s external reserves through the Central Bank of Nigeria.
New Loan Request Replaces Earlier Borrowing Proposal
The latest proposal follows an earlier external borrowing request of about $20.52 billion and €1.045 billion submitted to the National Assembly under the Federal Government’s 2026–2027 Supplementary External Borrowing Plan.
Akpabio said the new proposal superseded the earlier request and provided clearer details about the proposed financing sources. The Senate referred the request to its Committee on Local and Foreign Debts for scrutiny and a report.
The ₦10.79 trillion proposal has renewed debate over Nigeria’s borrowing strategy, debt sustainability and the need to ensure borrowed funds deliver measurable economic benefits.
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