NDC Slams Tinubu Over ₦10.79tn Loan Request

The opposition party accuses the President of worsening Nigeria’s debt burden and urges voters to demand greater fiscal accountability in the 2027 elections

The Nigeria Democratic Congress (NDC), through its National Presidential Campaign Council spokesperson, Dr Chiogo Constance Ikokwu, has criticised President Bola Ahmed Tinubu over his proposed $7.7 billion (approximately ₦10.79 trillion) external borrowing, urging Nigerians to demand greater accountability in the 2027 general elections.

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In a statement issued on Thursday, November 5, 2026, Ikokwu described the latest borrowing proposal as another indication of what the opposition party considers excessive reliance on loans, warning that the country’s growing debt obligations could place additional financial pressure on future generations.

The party’s reaction followed President Tinubu’s request for National Assembly approval to raise $7.707 billion in external financing to help implement projects and programmes under the 2026 Appropriation Act.

Ikokwu questioned the frequency of the administration’s borrowing proposals, describing the development as a recurring pattern that required closer public and legislative scrutiny.

“President Bola Tinubu has again asked the National Assembly to approve a new external borrowing plan of $7.7 billion (approximately ₦10.79 trillion) to help finance the 2026 budget deficit, making this a case of a one-week, new loan,” she said.

The NDC spokesperson also accused the National Assembly of failing to exercise sufficient independence in scrutinising the Federal Government’s borrowing requests.

She alleged that lawmakers had already endorsed the President’s proposals before their formal consideration, raising concerns about the effectiveness of legislative oversight.

“Truly, it seems that right now, we cannot stop President Tinubu from his One Week! New Loan! One Week! New loan! Borrowing spree, which is already hitting the roof, because, regrettably, he has pocketed the National Assembly. We seem to have a rubber-stamp legislature that before a loan request formally gets to its desk, it has already been endorsed,” Ikokwu said.

The party further called on Nigerians to participate actively in the 2027 general elections, arguing that the ballot offered citizens an opportunity to influence the country’s economic direction.

Ikokwu specifically urged voters to support the NDC’s proposed presidential ticket of former Anambra State Governor Peter Obi and former Kano State Governor Rabiu Musa Kwankwaso.

She also referenced the November 4, 2026 elections in the United States, saying the participation of American voters despite economic difficulties demonstrated the importance of democratic engagement.

According to her, Nigerians should similarly use their votes to express their concerns about the economy and demand accountability from those seeking political office.

“But Nigerians should not despair. The ballot remains our most powerful instrument of change.

We appeal to citizens to use their votes to rescue the country from this debt trap and entrust its future to a government committed to transparency, accountability and prudent management of public resources,” she added.

The details behind Tinubu’s ₦10.79 trillion borrowing request

The President’s latest borrowing proposal was contained in a letter dated October 26, 2026, which Senate President Godswill Akpabio read during plenary on Wednesday, November 4.

The request seeks approval for $7,707,404,882.49, equivalent to approximately ₦10.79 trillion at the budget exchange rate of ₦1,400 to the dollar.

However, the latest proposal is a replacement for an earlier external borrowing request of approximately $20.52 billion and €1.05 billion, which Tinubu subsequently withdrew.

The revised proposal represents the external borrowing component of the ₦29.2 trillion in new borrowing provided for under the 2026 Appropriation Act.

According to the breakdown presented by the President, the approved borrowing provision comprises ₦18.4 trillion in domestic financing and ₦10.79 trillion in external borrowing to help finance a projected budget deficit of approximately ₦31.4 trillion.

Tinubu explained that the proposed external financing would support projects and programmes across infrastructure, defence and security, agriculture, healthcare, power and education.

He also indicated that the Federal Government would explore several financing options, including loans from multilateral and bilateral institutions, bridge financing and Eurobond issuance.

The President expressed a preference for Eurobond issuance, citing its potential to provide access to substantial funding within a shorter period. However, he acknowledged that the final interest rates and repayment terms would depend on prevailing market conditions.

Following the presentation of the letter, Akpabio referred the proposal to the Senate Committees on Local and Foreign Debts and Appropriations for further consideration.

Nigeria’s growing debt obligations

The borrowing debate comes amid concerns about the country’s rising public debt and the increasing amount of government revenue allocated to servicing existing obligations.

Figures reported by The Guardian, citing Debt Management Office data, showed that Nigeria’s total public debt stood at ₦166.79 trillion as of June 30, 2026, compared with ₦159.35 trillion at the end of March.

The figures represented an increase of ₦7.44 trillion within three months.

The Federal Government also spent approximately ₦7.7 trillion on debt servicing between January and June 2026, while the full-year budget allocated ₦15.81 trillion for debt servicing, representing about 45.2 per cent of projected government revenue.

Against this background, the NDC maintained that borrowing without adequate attention to fiscal discipline, transparency and the effective management of public resources could create further economic challenges.

The party urged Nigerians to examine the financial decisions of the current administration and the proposals of political parties ahead of the next general elections.

The Presidency’s justification for the proposed borrowing, however, centres on financing projects and programmes already captured in the approved 2026 budget.

The distinction is important because the $7.7 billion request replaces the earlier, larger external borrowing proposal rather than representing an additional loan on top of the entire amount previously sought.

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As the National Assembly begins its scrutiny, the debate over Nigeria’s borrowing strategy is likely to remain an important issue in discussions about public spending, economic management and the country’s long-term fiscal sustainability.