A chieftain of the African Democratic Congress (ADC), Kenneth Okonkwo, has accused President Bola Tinubu’s administration of planning to use a proposed ₦30.2 trillion foreign loan to influence the outcome of the 2027 general election.
Okonkwo made the allegation during an interview on News Central Television on Wednesday, describing the proposed borrowing of $20.5 billion and €1.04 billion as suspicious, given its timing ahead of the next general election.
According to the ADC chieftain, the proposed loan is not primarily intended for national development but could be used to finance vote-buying and manipulate the electoral process.
He criticised those advising the President to pursue the borrowing, saying the recommendation must have come from someone acting irresponsibly.
“The advice to Tinubu to borrow $20.5b and €1.04b (N30.2trn) on the eve of the election must have come from a madman and is targeted to be used to buy votes,” he said.
Okonkwo further described the 2027 general election as a decisive moment for Nigeria, insisting that the country’s future would depend on the outcome of the contest.
He said, “In 2027, it is either Tinubu goes, or Nigeria goes, but both of them cannot go together.”
His comments come amid concerns over Nigeria’s debt profile and the implications of additional borrowing for the country’s economy.
The proposed borrowing has also raised questions about the government’s spending priorities and the potential impact of further debt obligations on public finances.
However, Okonkwo’s allegation that the funds could be used for vote-buying has not been substantiated by evidence in the statements provided.
The Presidency had yet to respond to the allegation at the time of filing this report.
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