NDC Kicks Against Tinubu’s $7.7bn Loan Request, Urges Nigerians To Learn From US
The Nigerian Democratic Coalition (NDC) has fiercely criticized President Bola Ahmed Tinubu over his fresh $7.7 billion (approx. ₦10.79 trillion) external borrowing request submitted to the National Assembly.
The opposition movement described the president’s ongoing debt accumulation as a direct threat to Nigeria’s economic future, calling on citizens to take inspiration from voters in the recent United States midterm elections by using their ballot to reject oppressive governance.
“A Weekly Borrowing Spree”: NDC Slams Rubber-Stamp Assembly
In a strong statement addressing the revised loan proposal—which replaced an earlier $20.52 billion borrowing request—the NDC accused the Federal Government of running an unsustainable fiscal model dependent on endless foreign loans.
The coalition also directed sharp criticism at the National Assembly, alleging that the legislature has abdicated its oversight responsibility.
“Truly, it seems that right now, we cannot stop President Tinubu from his ‘One Week! New Loan!’ borrowing spree, which is already hitting the roof, because, regrettably, he has pocketed the National Assembly,” the NDC stated. “We seem to have a rubber-stamp legislature that, before a loan request formally gets to its desk, has already endorsed it.”
Drawing Lessons from the US Midterm Elections
Linking domestic governance challenges to global political trends, the NDC urged Nigerians to pay close attention to the democratic power exercised during the US midterm elections, where voters held leaders accountable at the polls.
The group argued that the high cost of debt servicing—now consuming over half of federal revenues—is crippling critical sectors like healthcare, education, and social welfare. They maintained that the upcoming 2027 general elections will present Nigerians with a crucial opportunity to halt policies that mortgage future generations.
Presidency Defends Borrowing Plan
Defending the revised request, the Presidency maintained that the $7.7 billion loan is essential to part-finance the budget deficit and fund strategic infrastructure, national security, energy, and human capital projects outlined in the Appropriation Act. Government officials also argued that injecting foreign currency proceeds into the economy will help stabilize external reserves and support the Naira.
