President Bola Tinubu’s latest borrowing request has sparked fresh criticism, with the National Democratic Congress (NDC) National Presidential Campaign Council warning that Nigeria’s rapidly increasing debt burden could place an enormous financial responsibility on future generations.
The campaign council has questioned the Federal Government’s continued dependence on foreign loans, demanding detailed explanations about how previous borrowings have been spent and what Nigerians have gained from the resulting investments.
In a strongly worded statement titled How Much More Debt Can Nigeria Carry?, the council challenged the President’s request for legislative approval to borrow $20.52 billion and €1.045 billion, arguing that the country must establish whether it can sustainably accommodate additional financial obligations.
The statement was signed by the council’s spokesperson, Dr Chiogo Constance Ikokwu, who called on the National Assembly to thoroughly examine the proposed loans before granting approval.
The intervention comes amid growing concerns about Nigeria’s public debt, the cost of servicing existing obligations and questions surrounding the delivery of infrastructure projects financed through previous government borrowings.
While acknowledging that loans can support economic development, the NDC campaign council insisted that Nigerians deserve transparency, accountability and measurable results before the government takes on more debt.
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NDC Questions Tinubu’s Latest $20.52 Billion Borrowing Request
At the centre of the controversy is President Tinubu’s request for approval to secure $20.52 billion and €1.045 billion in additional financing.
The NDC campaign council believes the proposed borrowing deserves closer scrutiny, particularly given the significant increase in Nigeria’s external and total public debt since the current administration assumed office in May 2023.
According to the statement, the government must explain how existing loans have been utilised and demonstrate that previous investments are delivering meaningful economic and social benefits.
The council argued that approving additional borrowing without a comprehensive assessment of existing obligations could expose the country to greater financial risks.
It also questioned whether the government had adequately demonstrated the capacity of the Nigerian economy to sustain further foreign borrowing, especially considering the potential impact of exchange-rate fluctuations and rising debt-service costs.
The organisation maintained that the National Assembly should not treat the request as a routine financial approval but should demand detailed explanations before committing the country to additional obligations.
Nigeria’s External Debt Rises by $11.36 Billion Since June 2023
One of the major concerns highlighted in the statement is the increase in Nigeria’s external debt over the past three years.
According to figures cited by the campaign council, the country’s external debt increased from $43.16 billion in June 2023 to $54.52 billion in June 2026.
This represents an increase of $11.36 billion, equivalent to approximately 26.3 per cent.
The council also drew attention to the increase in Nigeria’s total public debt over the same period.
It stated that total public debt rose from ₦87.38 trillion in June 2023 to ₦166.79 trillion in June 2026.
That represents an increase of approximately 90.9 per cent.
The figures, according to the campaign council, demonstrate the scale of Nigeria’s growing financial obligations and raise questions about the long-term implications of continued borrowing.
The organisation warned that rising debt could place additional pressure on government finances, particularly if economic growth and revenue generation fail to keep pace with repayment obligations.
It also expressed concern that future administrations and generations of Nigerians could inherit a significant financial burden if borrowing is not carefully managed.
New Loans Could Push Nigeria’s Potential External Debt Exposure to $81.96 Billion
The campaign council also highlighted what it described as the potential combined impact of the President’s latest borrowing request and previously approved financing that has yet to be drawn.
According to its calculations, these obligations could bring Nigeria’s potential external debt exposure to approximately $81.96 billion.
The statement, however, clarified that the figure was an illustrative estimate based on the assumption that there was no overlap between the financing arrangements and that all approved funds would eventually be drawn.
It emphasised that the estimate should not be interpreted as Nigeria’s officially reported outstanding external debt.
“Adding the latest loan request and previously approved but undrawn financing suggests potential external debt exposure of about $81.96 billion, assuming no overlap and that all the financing is eventually drawn. This is an illustrative estimate, not official debt outstanding,” the statement said.
The council argued that Nigerians deserve a clearer understanding of the country’s total borrowing commitments, including loans already approved, amounts disbursed and financing arrangements that remain unused.
It maintained that a transparent assessment of these obligations would help lawmakers and citizens understand the country’s actual debt exposure.
Where Are the Projects Funded by Previous Loans? NDC Demands Answers
Beyond questioning the amount of money Nigeria continues to borrow, the NDC campaign council wants the government to explain what previous loans have achieved.
The organisation acknowledged that the Federal Government has presented its borrowing plans as necessary for financing critical infrastructure and development projects.
However, it argued that the government must demonstrate that the money has translated into tangible improvements in the lives of ordinary Nigerians.
The council specifically raised questions about the completion of road projects, the availability of functional healthcare facilities and investments in electricity generation and distribution.
It also questioned whether previous borrowing had delivered measurable benefits for businesses and households struggling with rising living costs.
The statement asked:
“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?”
The questions reflect the council’s demand for a stronger connection between government borrowing and actual development outcomes.
According to its position, the success of a borrowing programme should not be measured simply by the amount of money secured but by the quality and impact of the projects financed.
NDC Questions Why Government Still Needs More Loans Despite Rising Revenue
The campaign council also challenged the government’s continued reliance on borrowing despite what it described as increasing government revenues.
It questioned why additional loans remained necessary if public revenue was improving.
The organisation further raised concerns about reports of inadequate capital releases to ministries, departments and agencies under previous government budgets.
According to the statement, lawmakers had expressed concerns about the failure to release sufficient funds for capital projects, creating questions about the government’s ability to implement already approved development plans.
The council argued that these issues should be addressed before the National Assembly approves additional external financing.
It asked:
“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?”
The organisation believes the government must provide a clear explanation of how revenue growth, budget implementation and borrowing requirements fit together.
It also wants Nigerians to understand whether existing financial resources are being used efficiently before further loans are secured.
NDC Demands Full Disclosure of All Loans Obtained Since May 2023
As part of its demands, the NDC campaign council called on President Tinubu and the National Assembly to insist on greater transparency regarding Nigeria’s borrowing activities.
One of its major recommendations is the publication of a comprehensive, project-by-project register of all external loans obtained since May 2023.
The proposed register should contain detailed information that would allow Nigerians to track how borrowed funds are being utilised.
Specifically, the council wants the government to disclose:
- The total amount borrowed under each financing arrangement.
- The amount actually disbursed for individual projects.
- The terms and conditions attached to each loan.
- The locations of projects financed through external borrowing.
- The current implementation status of each project.
- Independently verified results and development outcomes.
The organisation believes such disclosures would make it easier for lawmakers, civil society organisations and members of the public to assess whether borrowed funds are delivering the benefits promised by the government.
It also called for a clear assessment of future debt-service obligations and the risks associated with changes in exchange rates.
This is particularly important because foreign-currency loans can become more expensive to service in naira terms when the domestic currency depreciates.
National Assembly Urged to Scrutinise Tinubu’s Loan Request
The campaign council placed particular responsibility on the National Assembly, urging lawmakers to examine the President’s borrowing request thoroughly before granting approval.
It argued that legislators must establish whether the proposed loans are financially sustainable and whether the projects they are intended to finance offer sufficient economic value.
The organisation also wants the government to provide clear answers about previous borrowing, outstanding commitments and the expected impact of additional loans on Nigeria’s finances.
In its statement, the council stressed that borrowing should not automatically be viewed as harmful because external financing can play an important role in national development.
However, it insisted that loans must be tied to productive investments capable of generating measurable benefits and supporting repayment.
“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 statement said.
It further warned that the National Assembly must ensure that the public receives satisfactory explanations before the country assumes further financial obligations.
Nigeria’s Debt Debate Raises Questions About Future Generations
The NDC campaign council’s intervention adds another dimension to the ongoing debate about Nigeria’s borrowing strategy and the sustainability of public finances.
At the heart of its argument is the concern that excessive borrowing without transparent project implementation could leave future generations responsible for debts accumulated without corresponding economic benefits.
The organisation believes Nigeria must strike a balance between financing essential infrastructure and protecting its long-term financial stability.
Roads, hospitals, electricity projects and other critical infrastructure can support economic growth, but the council argues that their delivery must be properly documented and independently assessed.
For the government, the challenge will be demonstrating that additional borrowing is necessary, economically justified and supported by a credible repayment strategy.
The council concluded its statement by calling for collective efforts towards building a Nigeria that works for its citizens.
As President Tinubu’s latest borrowing request comes under scrutiny, the central question raised by the NDC remains significant: how much more debt can Nigeria afford, and what tangible benefits will citizens receive in return?
