The Peoples Redemption Party (PRP) has cautioned President Bola Ahmed Tinubu against plunging Nigeria deeper into debt through excessive borrowing, urging him to reconsider his latest loan request.
PRP National Chairman, Falalu Bello, issued the warning in a statement on Thursday, following the President’s request for National Assembly approval to secure a fresh $24 billion loan.
Bello criticized what he described as a dangerous pattern of borrowing without transparency, accountability, or tangible benefits to the Nigerian people. He alleged that many of the loans acquired by the current administration have been misappropriated, worsening poverty levels and leaving future generations saddled with unmanageable debt.
“Instead of using borrowed funds for critical infrastructure, social investment, or economic diversification, the government continues to waste resources on frivolous projects and opaque contracts,” he stated.
He pointed to recent revenue achievements by key government agencies as evidence that Nigeria can meet its financial needs without further borrowing. According to him, the Federal Inland Revenue Service (FIRS) generated N21.6 trillion in 2024, exceeding its target by over 11%, while the Nigeria Customs Service (NCS) recorded a 90.4% increase in revenue, reaching N6.1 trillion — up from N3.2 trillion in 2023.
Given these figures, Bello called on the National Assembly to reject the President’s loan request, urging lawmakers to act with patriotism and protect the country from deepening debt.
“We are profoundly alarmed by the reckless borrowing spree under President Tinubu’s administration,” he said. “With Nigeria’s public debt now at a staggering N144.7 trillion (approximately $94.2 billion), almost half of which is external, we are mortgaging the nation’s future while citizens continue to suffer from poverty, insecurity, and collapsing infrastructure.”
The PRP chairman emphasized the need for transparent governance, responsible fiscal policies, and a government committed to the welfare of its people.
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