The Nigeria Democratic Congress (NDC) has criticised President Bola Tinubu’s request for a fresh $7.7 billion external loan, warning that the country’s mounting debt burden poses serious risks for future generations. The loan, valued at approximately N10.79 trillion at the budget exchange rate of N1,400 to the dollar, is intended to part-finance the 2026 budget deficit.
A Growing Reliance on External Borrowing
In a statement issued on Thursday, the spokesperson for the NDC’s National Presidential Campaign Council, Dr Chiogo Ikokwu, said the latest borrowing request reinforced concerns about the Federal Government’s reliance on external loans to fund budget deficits. She described the pattern as a “One Week! New Loan!” spree and accused the President of enjoying the backing of a rubber-stamp National Assembly.
“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,” Ikokwu said. “We seem to have a rubber-stamp legislature that before a loan request formally gets to its desk, it has already been endorsed.”
NDC Calls for Electoral Accountability
The party urged Nigerians not to despair, insisting that the ballot remains the most powerful instrument for change. It called on citizens to use their votes to rescue the country from what it described as a debt trap and to entrust the nation’s future to a government committed to transparency, accountability and prudent management of public resources.
According to the NDC, the development underscores the need for Nigerians to demand accountability and fiscal responsibility from political leaders in the January 16, 2027 presidential election. The party’s spokesperson urged voters to support its presidential candidate, Peter Obi, and his running mate, Rabiu Musa Kwankwaso, arguing that the ballot remains an effective means of holding the government accountable.
Comparison With the United States
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 encouraged Nigerians to emulate that example by participating actively in the forthcoming general elections.
The NDC maintained that Nigeria’s economic future should not be mortgaged through unsustainable borrowing and mismanagement of public resources.
Details of the Loan Request
The latest loan request was conveyed in a letter dated October 26, 2026, which was read by Senate President Godswill Akpabio during Wednesday’s plenary. President Tinubu is seeking approval to raise $7.7 billion to part-finance the 2026 budget deficit.
The request effectively replaces an earlier proposal seeking approval for $20.52 billion and €1.05 billion in external borrowing, which the President subsequently withdrew. The Senate has referred the new proposal to its relevant committees for consideration.
Key Takeaways
The controversy highlights the broader debate over Nigeria’s fiscal strategy as the government continues to rely on external borrowing to bridge budget gaps. Critics argue that repeated loan requests deepen the country’s debt obligations and place a strain on future generations, while the government maintains that such financing is necessary to fund national development.
With the 2027 general elections approaching, the NDC’s statement signals that borrowing and fiscal responsibility are likely to feature prominently in the political discourse. The party’s call for voters to demand accountability reflects growing public scrutiny of how public resources are managed and how the country’s debt profile is being handled.
