N10.79trn Fresh Loan: NDC Accuses Tinubu of Turning Borrowing into Weekly Routine

The Nigeria Democratic Congress (NDC) has faulted President Bola Tinubu over his latest move to secure another $7.7 billion (approximately ₦10.79 trillion) in external loans, describing the request as evidence of an increasingly frequent borrowing pattern.

The President had approached the National Assembly for approval of the fresh borrowing plan to partly cover the funding gap in the 2026 budget.

Reacting to the development, the NDC said the latest request amounted to “one week, new loan,” expressing concern over the country’s mounting debt obligations.

The party’s position was contained in a statement released on Thursday by Dr Chiogo Constance Ikokwu, spokesperson of its National Presidential Campaign Council.

Ikokwu urged Nigerians to make the 2027 elections a turning point by participating actively in the democratic process and voting for leaders committed to accountability, responsible financial management and the interests of ordinary citizens.

She argued that the country’s increasing debt burden, alongside successive borrowing requests by the Tinubu administration and the liabilities being transferred to future generations, made the next election particularly significant.

The NDC spokesperson called on Nigerians to come out in their numbers on January 16, 2027, and vote for its presidential candidate, Mr Peter Obi, and his running mate, Eng. Rabiu Musa Kwankwaso.

She also encouraged Nigerians to follow the example of Americans, whom she described as committed participants in the democratic process, by recognising the power of their votes.

“Americans demonstrated the power of the ballot in their November 4, 2026 elections,” she stated.

On the latest borrowing request, Ikokwu said, “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 observed that citizens in both the United States and Nigeria were facing economic difficulties and increasing living costs. However, she said Americans had chosen to respond by participating in elections rather than merely complaining about their situation, demonstrating the ability of voters to determine the direction of their government.

The NDC spokesperson further criticised what she described as the National Assembly’s failure to provide adequate oversight of the executive’s borrowing decisions.

Ikokwu said, “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.

“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.”

The party concluded by warning against placing Nigeria’s economic future at risk through unsustainable borrowing and poor management of public resources.

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