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NDC National Presidential Campaign Council Spokesperson, Dr Chiogo Constance Ikokwu, has queried President Bola Tinubu over his latest request for approval to borrow $20.52 billion and €1.045 billion.
Amid mixed reactions trailing the president’s fresh loan request, Ikokwu, in a statement issued on Thursday and made available to Daily Sun, says the development raises questions about the nation’s debt burden and the future being mortgaged for the next generation.
Citing how Nigeria’s external debt rose from $43.16 billion in June 2023 to $54.52 billion in June 2026, Ikokwu noted that it was a 90% increase.
According to her, Nigerians deserve to know what the loans will deliver, and both the president and the National Assembly must demand full transparency before any further borrowing.
“The government says the new loans will fund critical development projects. But Nigerians deserve to know precisely what these loans will deliver.
“Which roads have been completed? Which hospitals are operational? Which power projects have increased electricity supply? Where are the measurable benefits for businesses and households struggling with the cost of living?
“If government revenues are increasing, why does the need for additional borrowing remain so substantial?
“And why seek more loans when lawmakers have raised concerns about inadequate capital releases to ministries, departments and agencies under previous budgets?
“Before approving further borrowing, the President and the National Assembly must demand full transparency. Government should publish a project-by-project register of external loans since May 2023, detailing the amounts borrowed and disbursed, loan terms, project locations, implementation status and independently verified outcomes.
“Nigerians also deserve a clear assessment of future debt-service obligations and the risks posed by exchange-rate movements.
“Borrowing can support national development, but only when investments deliver measurable benefits and repayment remains sustainable.
“The question is not simply how much Nigeria can borrow, but what Nigerians are getting in return.
“The National Assembly must subject these requests to rigorous scrutiny and ensure that the public receives clear answers before the country assumes further obligations,” part of the statement reads.
