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The Nigeria Democratic Congress (NDC) has criticised President Bola Tinubu over his latest request for a $7.7 billion (approximately ₦10.79 trillion) external loan to help finance the 2026 budget deficit.
The party described the development as another example of the administration’s frequent borrowing, questioning the country’s growing debt obligations.
In a statement issued on Thursday, the spokesperson of the NDC National Presidential Campaign Council, Dr Chiogo Constance Ikokwu, called on Nigerians to hold the government accountable through their votes in the 2027 general elections.
She argued that the rising debt burden and the financial responsibilities being transferred to future generations made the next election particularly important.
The party also urged Nigerians to participate in the January 16, 2027 polls by voting for Peter Obi and Rabiu Musa Kwankwaso.
Ikokwu cited the November 4, 2026 elections in the United States as an example of citizens using their votes to influence political leadership.
She said Nigerians should follow the example of Americans, who turned out to exercise their democratic rights despite facing economic difficulties and a high cost of living.
Reacting to Tinubu’s latest borrowing proposal, the NDC spokesperson said the president had once again approached the National Assembly for approval of a $7.7 billion external loan.
She described the situation as a recurring pattern, saying: “President Bola Tinubu has again asked the National Assembly to approve a new external borrowing plan of $7.7 billion (approximately ₦10.79 trillion) to help finance the 2026 budget deficit, making this a case of a one-week, new loan.”
Ikokwu also accused the National Assembly of failing to properly scrutinise the president’s borrowing requests, alleging that lawmakers had already endorsed such proposals before their formal consideration.
“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,” she said.
Despite its criticism, the party maintained that Nigerians could use the ballot to demand a change in the country’s leadership and economic direction.
“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,” Ikokwu added.
The NDC further warned against relying on unsustainable borrowing and the mismanagement of public funds, saying Nigeria’s economic future should not be placed at risk.
