NDC faults Tinubu’s $7.7bn borrowing request

The Nigeria Democratic Congress on Thursday criticised President Bola Tinubu’s request for a fresh $7.7bn (about N10.79tn) external loan, expressing concern over the country’s rising debt burden and its implications for future generations.

The party’s National Presidential Campaign Council urged Nigerians to demand accountability and fiscal responsibility from political leaders through the ballot in the 2027 general elections.

The council’s spokesperson, Dr Chiogo Ikokwu in a statement, said the latest borrowing request reinforced concerns about the Federal Government’s reliance on external loans to finance budget deficits.

Ikokwu described the borrowing pattern as a “One Week! New Loan!” spree, accusing the President of enjoying the support of a rubber-stamp National Assembly.

She said, “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.

“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 said the development underscored the need for Nigerians to use the January 16, 2027 presidential election to demand a change in leadership.

The NDC spokesperson urged voters to support its presidential candidate, Peter Obi, and his running mate, Rabiu Musa Kwankwaso, arguing that the ballot rema,ined remainedeffective means of holding the government accountable.

Drawing a comparison with the United States, Ikokwu said Americans had demonstrated the power of electoral participation by voting in their November 3, 2026 elections despite economic difficulties.

She urged Nigerians to emulate the American electorate by participating actively in the forthcoming general elections.

The NDC added that Nigeria’s economic future should not be mortgaged through unsustainable borrowing and mismanagement of public resources.

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

Tinubu is seeking approval to raise $7.7bn, equivalent to N10.79tn at the budget exchange rate of N1,400 to the dollar, to part-finance the 2026 budget deficit.

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

The Senate had referred the new proposal to its relevant committees for consideration