The Peoples Redemption Party on Thursday called on the National Assembly to reject President Bola Tinubu’s fresh loan request, warning that continued borrowing without accountability is mortgaging Nigeria’s future and worsening the economic plight of its citizens.
The National Chairman of PRP, Falalu Bello, made the plea in a statement issued in Abuja.
Bello expressed deep concern over what he described as the “reckless borrowing spree” of the Tinubu administration.
Nigeria’s public debt currently stands at an alarming N144.7 trillion (approximately $94.2bn), with external debt accounting for nearly half of the total figure.
“It is utterly unacceptable that President Tinubu, instead of prioritising tangible developmental projects and transparency, now seeks an additional $21.5 million and ¥15 billion in foreign loans, along with a €65 million grant under the 2025–2026 borrowing plan,” the statement reads.
“This is happening even as the country’s debt servicing costs have soared to N13.12 trillion in 2024 — a 68 per cent rise from the previous year.”
The PRP accused the government of mismanaging borrowed funds, alleging that many loans are diverted through corruption and a lack of accountability.
Bello also claimed that rather than improving infrastructure or boosting social investments, the funds are often funnelled into frivolous projects and opaque contracts.
Amid the borrowing spree, the PRP chair took aim at the National Assembly’s decision to insert over 11,000 new projects worth N6.93 trillion into the 2025 national budget.
While acknowledging that the projects may appear to address national needs, he questioned their viability and accused lawmakers of contributing to the inefficiency and waste in government spending.
Citing revenue figures from key government agencies, the PRP argued that Nigeria has the capacity to finance its development through improved domestic revenue.
According to Bello, the Federal Inland Revenue Service generated N21.6 trillion in 2024 — exceeding its N19.4 trillion target by over 11 per cent.
The Nigeria Customs Service also recorded a 90 per cent increase in collections, bringing in N6.1 trillion in 2024. Additionally, maritime sector agencies like NIMASA, NSC, NPA, and NIWA collectively earned over N850 billion.
“These numbers show Nigeria does not lack the means to fund its development. What is missing is the political will to fight corruption and enforce fiscal discipline,” he said.
Bello also criticised the government for failing to deliver on the promises tied to the removal of fuel and dollar subsidies. It argued that while Nigerians were told the removal would free up resources for development, the reality has been more hardship and deeper poverty.
“The question is simple: where did the money from subsidy removal go? What development has been seen? Nigerians are suffering more while the government continues to borrow recklessly,” Bello stated.
The PRP chair urged lawmakers to act with integrity and in the national interest by rejecting the loan request and demanding transparency and an audit of existing debts. “Our leaders must realize that Nigerians will ultimately hold them accountable for the squandering of the nation’s wealth since 1999,” the statement warned.
The party concluded with a strong appeal for fiscal prudence, economic reforms, and governance that prioritises citizens’ welfare over political and personal gains.
“The time to act is now,” the PRP said. “Nigeria’s future depends on our collective resolve to resist further indebtedness and to demand accountability from those entrusted with our resources.”
