The Peoples Redemption Party (PRP) has strongly criticized President Bola Tinubu's request for approval to secure a fresh $24 billion loan, warning that such borrowing threatens Nigeria's economic future.
In a statement released on Thursday, PRP National Chairman Falalu Bello expressed alarm over what he described as a "reckless borrowing spree" that has pushed Nigeria's total public debt to an unprecedented N144.7 trillion (approximately $94.2 billion).
"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. He emphasized that nearly half of the nation's debt is external, increasingly mortgaging the country's future to foreign creditors.
Accountability Concerns
The PRP chairman condemned what he called incessant borrowing without accountability or visible results. He alleged that most loans are embezzled by officials in the current administration, further impoverishing the nation and burdening future generations with "irredeemable debts."
According to Bello, 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."
Alternative Revenue Sources
The PRP highlighted recent revenue data suggesting Nigeria has promising capacity for domestic revenue generation that could reduce dependence on foreign loans.
"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 N6.1 trillion in 2024 — a 90.4% rise compared to N3.2 trillion in 2023," Bello noted.
The party called on the National Assembly to exercise their constitutional duty by rejecting Tinubu's latest loan request, stressing that Nigeria cannot afford to deepen its debt crisis.
Bello concluded by stating that Nigeria deserves transparent governance, prudent fiscal management, and a government committed to the welfare of its citizens, demanding an immediate halt to what he termed as reckless borrowing.
