More troubles for Tinubu over $20.5bn loan request

● NDC warns of N166.79trn public debt, $81.96bn potential external exposure

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From Fred Itua, Abuja

The Nigerian Democratic Congress (NDC) has criticised President Bola Tinubu over his request to borrow $20.52 billion and €1.045 billion. It asked how much more debt Nigeria can carry.

In a statement, the spokesperson of the NDC National Presidential Campaign Council, Dr Chiogo Constance Ikokwu, said the request raised urgent questions about the debt burden and “the future we are mortgaging for the next generation”.

The party laid out the numbers. It said Nigeria’s external debt rose from $43.16 billion in June 2023 to $54.52 billion in June 2026. It said that represented an increase of $11.36 billion, or 26.3 per cent.

“Total public debt is worse. It climbed from N87.38 trillion to N166.79 trillion over the same period, a jump of about 90.9 per cent,” the spokesperson noted.

The NDC went further. It said that adding the new request and previously approved but undrawn financing suggested a potential external debt exposure of about $81.96 billion. It stressed that this assumed no overlap and that all the financing would eventually be drawn. It described the figure as an illustrative estimate, not official debt outstanding.

“Nigerians deserve to know precisely what these loans will deliver,” the party said. It asked which roads had been completed, which hospitals were operational and which power projects had increased electricity supply. It also asked where the measurable benefits were for businesses and households struggling with the cost of living.

The party raised a further contradiction. “If government revenues are rising,” it asked, “why does the need for borrowing remain so large?” It also asked why more loans were being sought when lawmakers had complained about inadequate capital releases to ministries, departments and agencies (MDAs) under previous budgets.

The NDC demanded full transparency before any approval. It urged the Federal Government to publish a project-by-project register of all external loans since May 2023.

The register, it said, should show amounts borrowed and disbursed, loan terms, project locations, implementation status and independently verified outcomes.

Nigerians, it added, also deserved a clear assessment of future debt service obligations and the risks posed by exchange rate movements.

The party did not oppose borrowing outright. “Borrowing can support national development, but only when investments deliver measurable benefits and repayment remains sustainable,” the statement said. It added that the real question was not simply how much Nigeria could borrow, but “what Nigerians are getting in return”.

The NDC called on the National Assembly to subject the request to rigorous scrutiny. It said lawmakers must ensure the public got clear answers before the country took on further obligations. “Let’s build the Nigeria we want together, a Nigeria that works.”