The Peoples Redemption Party (PRP) has strongly criticized President Bola Ahmed Tinubu’s administration over its latest request to secure a fresh $24 billion loan, warning that Nigeria’s future is being dangerously mortgaged to foreign creditors.
In a statement issued on Thursday, the National Chairman of the PRP, Falalu Bello, condemned the persistent borrowing trend, which he described as reckless and unsustainable. He accused the current administration of lacking accountability and transparency, stating that many of the loans obtained are allegedly being embezzled by government officials without delivering meaningful development or relief to Nigerians.
“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.
According to him, Nigeria’s total public debt has reached an alarming N144.7 trillion (approximately $94.2 billion), with nearly half of it owed to external creditors. He said this trend not only places an unbearable burden on future generations but also reflects a governance style that neglects the welfare of citizens.
Instead of investing borrowed funds into impactful infrastructure, economic diversification, or critical social services, the PRP said the government continues to spend on frivolous projects and questionable contracts.
Bello highlighted recent financial data to argue that Nigeria does not lack revenue-generating capacity. He pointed to the Federal Inland Revenue Service (FIRS), which generated N21.6 trillion in 2024 — surpassing its N19.4 trillion target by 11.34%. He also cited the Nigeria Customs Service (NCS), which recorded a 90.4% increase in revenue, generating N6.1 trillion in 2024 compared to N3.2 trillion in 2023.
“These figures clearly show that if domestic revenues are properly harnessed and managed, there would be little to no need for incessant borrowing,” Bello said.
The PRP called on the National Assembly to reject the $24 billion loan request and to exercise its constitutional role with integrity and patriotism. Bello urged lawmakers to stand with the Nigerian people by putting an end to what he termed a cycle of fiscal irresponsibility.
“Nigeria deserves transparent governance, prudent fiscal management, and a government committed to the welfare of its citizens,” he added. “We must stop this reckless borrowing and protect our nation’s future.”
The PRP’s statement adds to the growing concerns from civil society, economists, and opposition figures about Nigeria’s rising debt profile under the Tinubu administration.
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