The Peoples Redemption Party (PRP) has called on the National Assembly to reject President Bola Tinubu’s new foreign loan request, warning that continued borrowing without transparency is putting Nigeria’s future at risk and worsening economic hardship.
The PRP’s National Chairman, Falalu Bello, made the appeal in a statement issued in Abuja on Thursday. He expressed concern over what he described as the Tinubu administration’s “reckless borrowing spree,” adding that Nigeria’s rising debt has not translated into visible improvements in infrastructure or living conditions.
Nigeria’s public debt currently stands at ₦144.7 trillion (about $94.2 billion), with almost half being external loans. Yet, the President is requesting an additional $21.5 million, ¥15 billion and a €65 million grant under the 2025-2026 borrowing plan. Bello noted that debt servicing costs have already jumped to ₦13.12 trillion in 2024 a 68% increase from last year.
The PRP accused the government of mismanaging borrowed funds, alleging that loans are often lost to corruption and awarded through shady contracts instead of being used for meaningful development. Bello also criticised the National Assembly for including over 11,000 new projects worth ₦6.93 trillion in the 2025 budget, questioning their impact and feasibility.
Citing revenue achievements from key agencies, Bello argued that Nigeria has the capacity to fund its development internally. He highlighted the Federal Inland Revenue Service’s ₦21.6 trillion revenue in 2024 (above target), ₦6.1 trillion from Customs, and over ₦850 billion collectively from maritime agencies like NIMASA, NSC, NPA and NIWA.
“These figures show Nigeria does not lack resources. What’s missing is the political will to fight corruption and ensure fiscal discipline,” he said.
Bello also criticised the government’s failure to deliver results after removing fuel and forex subsidies, which was expected to free up funds for development. “Instead, poverty has increased while the government keeps borrowing,” he said.
The PRP urged lawmakers to reject the loan request, demand a full audit of existing debts and prioritise the welfare of Nigerians.
“It’s time to act. Nigeria’s future depends on stopping reckless borrowing and holding leaders accountable,” the party concluded.