The Ohanaeze Youth Council (OYC) has rejected the $6 billion loan request by President Bola Tinubu, describing it as reckless and irresponsible.
The youth group was reacting in a statement issued on Wednesday by its National President General, Igboayaka Igboayaka, to the Senate’s approval of the $6 billion loan.
He stated that Tinubu lacks a clear vision for Nigeria beyond implementing multiple taxes and borrowing recklessly and irresponsibly.
Igboayaka said that it’s unfortunate that a government that has boasted of saving trillions from the removal of fuel subsidy is engaging in reckless borrowing.
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He declared that Tinubu did not assume office to alleviate poverty or revamp Nigeria’s economy, but instead prioritizes exploiting the national treasury to bolster his personal legacy.
The body stated that records indicate that Tinubu’s administration has accumulated substantial debts, with the total public debt standing at approximately N152.40 trillion ($99.66 billion) as of June 30, 2025.
This, the organization said, represents a N3.01 trillion increase from the N149.39 trillion recorded at the end of March 2025.
Moreover, it added that the Tinubu administration has secured additional external borrowing totaling $21.5 billion, €2.2 billion, and ¥15 billion, plus a grant of €65 million, which will increase the total public debt to around N183 trillion.
“As of June 2023, prior to the inception of the current reckless and irresponsible president, the debt-to-GDP ratio was below 40%, a level regarded as sustainable by the IMF and World Bank.
“It’s lamentable and an economic disaster that debt servicing costs are high, with N15.9 trillion projected for 2026, and have crowded out capital expenditure.
“Unfortunately, we have a prodigal Senate President Godswill Akpabio, who lacks the knowledge of the oversight function of a legislator, and is swimming in prodigality with President Bola Tinubu to place Nigeria as the most indebted country in the world.
“It is clear that the Renewed Hope Agenda of Bola Tinubu emphasizes taxation, increased tax, additional tax, borrowing, and further borrowing,” Igboayaka stated.
