The Peoples Redemption Party (PRP) has told Nigerians to collectively resist the new foreign and domestic loans President Bola Tinubu is planning to receive.
The party made a call in a statement issued on Friday by its National Chairman, Falalu Bello.
President Tinubu has applied and obtained approval from the National Assembly to now seek\ 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.
Expressing alarmed and disappointed by what the PRP termed the current trajectory of Nigeria’s reckless borrowing spree under the administration of President Bola Ahmed Tinubu., it said the country should not accept the new move.
Bello, a former Managing Director of Unity bank said “The time to act is now. Nigeria’s future depends on our collective resolve to resist further indebtedness and to demand accountability from those entrusted with our resources.”
“Instead of prioritizing tangible developmental projects and transparency, Tinubu 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.
“This request, coming at a time when Nigeria’s debt servicing costs have skyrocketed to N13.12 trillion in 2024 alone — a staggering 68% increase from the previous year — exemplifies a government that is clearly out of touch with the realities of its people and the perilous state of our economy.
The party has condemned the incessant borrowing without accountability or visible results, adding that past loans obtained were embezzled by officials in the current administration, further impoverishing the nation and burdening posterity with irredeemable debts.
“Instead of channeling borrowed funds into meaningful infrastructural development, social investments, or economic diversification, the government continues to squander Nigeria’s future on frivolous projects and opaque contracts.
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 — all while the citizenry continues to suffer from neglect, poverty, infrastructural decay, and insecurity.
The party said “Recent revenue data from key government agencies indicate a promising capacity for domestic revenue generation, which, if properly harnessed, could reduce the need for borrowing. The Federal Inland Revenue Service (FIRS) generated N21.6 trillion in 2024, surpassing its initial target of N19.4 trillion by 11.34%. The Nigeria Customs Service (NCS) also recorded a substantial increase, generating ₦6.1 trillion in 2024 — a 90.4% rise compared to ₦3.2 trillion in 2023. Additionally, four agencies under the Marine and Blue Economy sector—the Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Shippers Council (NSC), Nigerian Ports Authority (NPA), and the National Inland Waterways Authority (NIWA)—collectively generated revenue of over ₦850 billion in 2024. These figures demonstrate Nigeria’s potential for robust internally generated revenue if corruption is tackled and compliance improved.”
