The Nigeria Democratic Congress (NDC) has criticised President Bola Tinubu over his request to the National Assembly for approval of a fresh $7.7 billion (approximately ₦10.79 trillion) external loan to partly finance the 2026 budget deficit.
The party described the latest borrowing proposal as another indication of what it called the president’s frequent borrowing spree, warning that the country’s growing debt burden could mortgage the future of generations of Nigerians.
In a statement on Thursday, the spokesperson of the National Presidential Campaign Council of the NDC, Dr Chiogo Constance Ikokwu, urged Nigerians to participate massively in the January 16, 2027 general election to demand accountability and responsible management of public resources.
She appealed to Nigerians to vote for the party’s presidential candidates, Peter Obi and Rabiu Musa Kwankwaso, saying the election presented an opportunity to rescue the country from what she described as a growing debt trap.
Ikokwu drew comparisons with the United States, where she said citizens demonstrated the power of democratic participation during the November 4, 2026 elections despite economic difficulties and the rising cost of living.
She said Nigerians should similarly exercise their voting rights rather than resign themselves to the country’s economic challenges.
“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,” she said.
The NDC spokesperson further accused the National Assembly of failing to provide adequate scrutiny of the president’s borrowing requests, alleging that the legislature had become a rubber stamp for the executive.
“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,” she said.
She, however, maintained that Nigerians could still influence the country’s direction through the ballot.
“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,” she added.
The party reiterated that Nigeria’s economic future should not be mortgaged through unsustainable borrowing and what it described as the mismanagement of public resources.