The Peoples Redemption Party (PRP) has issued a scathing rebuke of President Bola Ahmed Tinubu’s administration, urging the federal government to halt what it describes as reckless borrowing that endangers the country’s economic future. This follows the President’s recent request for National Assembly approval to secure a fresh $24 billion loan.
In a statement released Thursday, PRP National Chairman, Falalu Bello, accused the Tinubu administration of plunging Nigeria into a debt trap without accountability or tangible benefits for the citizens. He alleged that the loans being secured are often embezzled by government officials, worsening poverty levels, dilapidating infrastructure, and leaving future generations with crushing debt.
“We are profoundly alarmed and deeply disappointed by the current trajectory of Nigeria’s reckless borrowing spree under the administration of President Bola Ahmed Tinubu,” Bello stated. “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.”
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According to Bello, rather than deploying borrowed funds to address urgent national needs such as infrastructure development, social investment, and economic diversification, the current administration continues to spend on “frivolous projects and opaque contracts.”
Citing recent financial performance, the PRP chairman argued that Nigeria has sufficient domestic revenue potential to reduce dependence on external loans. He highlighted the Federal Inland Revenue Service (FIRS), which generated N21.6 trillion in 2024 — surpassing its target of N19.4 trillion by 11.34% — and the Nigeria Customs Service (NCS), which recorded a revenue of N6.1 trillion in 2024, representing a 90.4% increase from N3.2 trillion in 2023.
“These figures demonstrate that if government revenues are properly harnessed and managed transparently, Nigeria can finance its developmental needs without resorting to excessive borrowing,” Bello asserted.
He called on the National Assembly to reject the $24 billion loan proposal, urging lawmakers to fulfill their constitutional responsibilities with “patriotism and integrity.”
“Nigeria cannot afford to deepen its debt crisis,” Bello warned. “We demand an immediate halt to this dangerous cycle of borrowing. What the country needs now is transparent governance, prudent fiscal management, and a leadership committed to the welfare of its people.”
The PRP’s statement comes amid growing national concerns about the country’s debt sustainability and the economic direction of the Tinubu administration, which has faced increasing criticism over cost-of-living challenges, inflation, and unemployment.
As the debate over the proposed loan continues, observers await the response of the National Assembly, which holds the authority to approve or reject such financial requests from the executive arm.