The Peoples Redemption Party (PRP) on Thursday urged the National Assembly to reject President Bola Tinubu’s request for an additional $21.5 million and ¥15 billion in external loans under the 2025–2026 borrowing plan.
The party’s National Chairman, Falalu Bello, made the call in a statement in Abuja.
He lamented that the Tinubu administration is mortgaging Nigeria’s future with the recent quest to access external loans.
Bello said the PRP is not only disappointed but alarmed by the trajectory the country is taking under President Tinubu in the last two years of his administration.
The statement read: “The Peoples Redemption Party (PRP) is profoundly alarmed and deeply disappointed by the current trajectory of Nigeria’s reckless borrowing spree under the administration of President Bola Ahmed Tinubu.
“As Nigeria’s total public debt soars to an unprecedented N144.7 trillion (approximately $94.2 billion), with nearly half of it external, the nation’s future is increasingly being mortgaged to foreign creditors — all while the citizenry continues to suffer from neglect, poverty, infrastructural decay, and insecurity.”
“It is utterly unacceptable that President Tinubu, instead of prioritizing tangible developmental projects and transparency, now seeks an additional $21.5 million and ¥15 billion in external loans, along with a €65 million grant, under the guise of the 2025–2026 borrowing plan.”
“This request, coming at a time when Nigeria’s debt servicing costs have skyrocketed to N13.12 trillion in 2024 alone — a staggering 68% increase from the previous year — exemplifies a government that is clearly out of touch with the realities of its people and the perilous state of our economy.”
“The PRP vehemently condemns this incessant borrowing without accountability or visible results. Most of these loans are allegedly embezzled by officials in the current administration, further impoverishing the nation and burdening posterity with irredeemable debts.”
“Instead of channeling borrowed funds into meaningful infrastructural development, social investments, or economic diversification, the government continues to squander Nigeria’s future on frivolous projects and opaque contracts.”
“In this context, it is noteworthy that, despite the alarming debt figures, the National Assembly recently inserted 11,122 projects worth N6.93 trillion into the 2025 national budget. While this may appear as an effort to address national needs, the significant question remains: how many of these projects will be genuinely implemented and effectively serve the Nigerian people?”
“Past experiences have shown that budget allocations often do not translate into tangible development, especially when coupled with pervasive corruption and mismanagement.”
“Furthermore, recent revenue data from key government agencies indicate a promising capacity for domestic revenue generation, which, if properly harnessed, could reduce the need for borrowing.”
“The Federal Inland Revenue Service (FIRS) generated N21.6 trillion in 2024, surpassing its initial target of N19.4 trillion by 11.34%. The Nigeria Customs Service (NCS) also recorded a substantial increase, generating ₦6.1 trillion in 2024 — a 90.4% rise compared to ₦3.2 trillion in 2023.”
“Additionally, four agencies under the Marine and Blue Economy sector—the Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Shippers Council (NSC), Nigerian Ports Authority (NPA), and the National Inland Waterways Authority (NIWA)—collectively generated revenue of over ₦850 billion in 2024. These figures demonstrate Nigeria’s potential for robust internally generated revenue if corruption is tackled and compliance improved.”
“Conversely, a disturbing rise in pilferage, corruption, and budget padding continues to drain our resources. Addressing these issues—by rooting out corruption and ensuring prudent management—would significantly strengthen our fiscal position and lessen the reliance on external borrowing.”
“It is also crucial to recall that the removal of oil and dollar subsidies by President Tinubu was justified as a move to free funds for infrastructure and economic growth. Yet, Nigerians are now enduring increased hardship without tangible benefits.”
“Instead of seeing the promised growth, the suffering persists even as the government borrows more than previous regimes that paid subsidies. The question remains: where did the funds from subsidy removal go, and what benefits have Nigerians truly gained?”
“If Nigeria can effectively harness its increased revenue and eliminate corruption, it can fund its development internally without resorting to further external debt. Both the Executive and the Legislature must recognize that the Nigerian people will ultimately hold them accountable for the ongoing mismanagement and resource misappropriation since 1999.”
“We call on the National Assembly, as representatives of the Nigerian people, to exercise their constitutional duty with patriotism and integrity. Out of a genuine sense of national interest, we urge you to reject President Tinubu’s latest loan request outright. Nigeria cannot afford to deepen its debt crisis, nor can we continue to be a nation whose resources are looted and mismanaged.”
“Nigeria deserves transparent governance, prudent fiscal management, and a government committed to the welfare of its citizens. The PRP demands an immediate halt to reckless borrowing, an audit of existing debts, and the implementation of policies that promote economic growth, transparency, and social justice.”
“The time to act is now. Nigeria’s future depends on our collective resolve to resist further indebtedness and to demand accountability from those entrusted with our resources.”
