The People’s Redemption Party has urged the National Assembly to not grant President Bola Tinubu’s latest loan request, describing the attitude of his administration as “reckless borrowing spree”.
In a statement by the party’s National Chairman, Falalu Bello, in a statement issued in Abuja, on Thursday, he warned that the excessive borrowing is jeopardizing Nigeria’s future as it makes the economy harder and more unbearable for citizens.
The chairman expressed concern over how much loan Nigeria has accumulated in no time(about N144.7tn; approximately $94.2bn) —without any evident improvements in the country’s development or infrastructure.
Bello blatantly frowned at president Tinubu’s request of an additional $21.5m and ¥15bn in foreign loans, along with a €65m grant under the 2025–2026 borrowing plan —stating that he is supposed to prioritize tangible development projects and promoting transparency instead. He accused the government under Tinubu of mismanagement of funds.
“This is coming even as the country’s debt servicing costs have skyrocketed to N13.12tn in 2024 — a 68 per cent increase from the previous year,” the statement read.
The chairman established that Nigeria is up to task to ride the economic standard even from domestic sources but only if those in political power are willing and financially disciplined.
Bello also slammed the National Assembly for the insertion of over N6.93tn in worth of 11,000 new projects into the 2025 budget questioning the feasibility of most of these projects even though they may seem beneficial on paper.
He also accused lawmakers of promoting inefficiency and fiscal waste.
“The Federal Inland Revenue Service generated N21.6tn in 2024, surpassing its N19.4tn target by over 11 per cent.
“The Nigeria Customs Service also recorded a 90 per cent increase in revenue collection, bringing in N6.1tn.
“Maritime agencies including NIMASA, NSC, NPA, and NIWA earned over N850bn collectively.
These numbers prove Nigeria does not lack the means to fund its development. What is lacking is the political will to fight corruption and enforce fiscal discipline.
“The government has failed to deliver on its promises; with the removal of fuel and foreign exchange subsidies where Nigerians were told the removal would free up funds for development, but instead, it has resulted in increased poverty and economic hardship.
“The question is simple: where did the money from subsidy removal go? What development has been seen? Nigerians are suffering more while the government continues to borrow recklessly.
“Our leaders must realise that Nigerians will ultimately hold them accountable for the squandering of the nation’s wealth since 1999.
“The time to act is now,” the statement read. “Nigeria’s future depends on our collective resolve to resist further indebtedness and demand accountability from those entrusted with our commonwealth,” the statement added.
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