The Nigeria Democratic Congress has criticised President Bola Tinubu following his latest proposal to obtain a fresh $7.7 billion external loan, amounting to roughly N10.79 trillion, according to Politics Nigeria. The funds are intended to finance a portion of the 2026 federal budget deficit.
In a statement issued on Thursday, Dr Chiogo Constance Ikokwu, spokesperson for the party's National Presidential Campaign Council, condemned the move and described the administration's financial approach as a persistent borrowing spree. She expressed concern over the rising public debt and argued that the current legislature rarely provides independent oversight on executive funding demands.
Ikokwu called on citizens to respond at the ballot box during the general elections scheduled for 16 January 2027 by backing the party's presidential candidate, Peter Obi, and his running mate, Rabiu Musa Kwankwaso. Pointing to the recent voting turnout in the United States, she said democratic participation remains the primary tool for citizens seeking fiscal accountability and economic relief.
The executive request was formally placed before the National Assembly during plenary on Wednesday, when Senate President Godswill Akpabio read a letter from the President dated 26 October 2026. Following the reading, Akpabio referred the matter to the Senate Committee on Local and Foreign Debts for legislative evaluation.
In the correspondence, Tinubu stated that the 2026 Appropriation Act outlined N29.2 trillion in total new borrowing, split between N18.4 trillion in domestic debt and N10.79 trillion in external funding, to address a projected deficit of around N31.4 trillion. Calculated at N1,400 to the dollar, the external sum matches roughly $7.71 billion.
The President explained that the plan aligns with statutory borrowing provisions and noted that several financing avenues are being considered, including multilateral facilities and Eurobond sales. He highlighted defence, transport, agriculture, power, education, and health as the key sectors earmarked to receive funding once the loan is secured.
