The Peoples Redemption Party (PRP) has berated President Bola Ahmed Tinubu’s latest external loan request, calling on the National Assembly to reject the proposal.
The party’s reaction was contained in a statement released Thursday.
In the statement, PRP National Chairman Falalu Bello decried the President’s plan to secure $21.5 million and ¥15 billion in additional loans under the administration’s 2025–2026 borrowing agenda, describing the move as a reckless plunge into further national indebtedness.
Bello accused the Tinubu-led government of “mortgaging Nigeria’s future” through an unrelenting spree of foreign borrowing, warning that the trend has pushed the nation deeper into a debt trap with little to show in terms of developmental progress.
“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,” the statement said.
According to the party, Nigeria’s public debt has ballooned to N144.7 trillion (approximately $94.2 billion), with nearly half of this figure sourced externally. The PRP warned that despite this staggering debt load, Nigerians continue to grapple with deteriorating infrastructure, deepening poverty, and widespread 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,” the party said.
Citing recent figures from the Debt Management Office, the PRP noted that Nigeria’s debt servicing bill has surged to N13.12 trillion in 2024—an increase of 68% from the previous year. The party argued that the Tinubu administration has lost touch with the harsh realities faced by ordinary Nigerians.
“The PRP vehemently condemns this incessant borrowing without accountability or visible results,” the statement continued. “Most of these loans are allegedly embezzled by officials in the current administration, further impoverishing the nation and burdening posterity with irredeemable debts.”
In its assessment, the party criticized the government’s handling of borrowed funds, accusing it of squandering resources on frivolous projects and opaque contracts rather than channelling them into critical infrastructure, social investment, or economic diversification.
Adding to the controversy, the PRP pointed to the National Assembly’s insertion of 11,122 projects worth N6.93 trillion into the 2025 budget, questioning the feasibility and integrity of such allocations.
“Past experiences have shown that budget allocations often do not translate into tangible development, especially when coupled with pervasive corruption and mismanagement,” the party noted.
Despite the government’s repeated justification for borrowing, the PRP argued that Nigeria has the potential to finance its development internally through robust revenue generation, provided corruption is curbed. The party highlighted the performance of key agencies in 2024: the Federal Inland Revenue Service (FIRS) collected N21.6 trillion, surpassing its target by over 11%, while the Nigeria Customs Service (NCS) raked in ₦6.1 trillion, a 90% increase from 2023.
In the marine sector, agencies under the Ministry of Marine and Blue Economy—NIMASA, NSC, NPA, and NIWA—generated over ₦850 billion in the same period, according to the PRP. The party argued these figures demonstrate Nigeria’s capacity to thrive without further external debt.
However, the statement lamented that persistent issues such as budget padding, pilferage, and entrenched corruption continue to drain national resources.
“Conversely, a disturbing rise in pilferage, corruption, and budget padding continues to drain our resources,” it said. “Addressing these issues—by rooting out corruption and ensuring prudent management—would significantly strengthen our fiscal position.”
The PRP also took a swipe at the Tinubu administration for failing to deliver on promises tied to the removal of fuel and dollar subsidies, measures that were touted as means to free up funds for development.
“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?”
The party urged the National Assembly to demonstrate patriotism and reject the loan request, warning that history would hold both arms of government accountable for continued mismanagement.
“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,” the party said.
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