ABUJA (CONVERSEER) – The Peoples Redemption Party (PRP) has strongly opposed President Bola Ahmed Tinubu’s latest foreign loan request, describing it as reckless and detrimental to Nigeria’s future.
In a press statement issued on 29 May 2025 and signed by the party’s National Chairman, Falalu Bello, the PRP expressed deep concern over what it called a “borrowing spree” by the Tinubu administration, warning that the country is being plunged deeper into debt without visible development to justify the loans.
According to the PRP, Nigeria’s total public debt has now surged to a record ₦144.7 trillion (approximately $94.2 billion), with nearly half of it sourced externally. The party described the trend as mortgaging the future of the nation to foreign creditors while Nigerians continue to face poverty, insecurity, and a crumbling infrastructure.
“It is utterly unacceptable that President Tinubu, instead of prioritising tangible developmental projects and transparency, now seeks an additional $21.5 million and ¥15 billion in external loans, along with a €65 million grant, under the guise of the 2025–2026 borrowing plan,” the statement read.
READ ALSO: 9 Cross River NASS members endorse Tinubu, Otu as sole candidates for 2027
The PRP highlighted that Nigeria’s debt servicing cost alone rose to ₦13.12 trillion in 2024 — a 68% increase from the previous year — indicating a severe strain on national finances. It accused the Tinubu administration of seeking loans without accountability or results, claiming that most of the borrowed funds were embezzled by government officials, leaving citizens worse off.
The party further criticised the National Assembly for allegedly contributing to the mismanagement by inserting over 11,000 projects worth ₦6.93 trillion into the 2025 budget — a move it said has failed to produce meaningful outcomes in the past due to corruption and inefficiency.
Citing improved domestic revenue generation, the PRP argued that Nigeria has the capacity to fund its development internally. It pointed to data from the Federal Inland Revenue Service (FIRS), which generated ₦21.6 trillion in 2024, surpassing its target by over 11%, and the Nigeria Customs Service (NCS), which recorded a 90.4% revenue increase from ₦3.2 trillion in 2023 to ₦6.1 trillion in 2024. The party also referenced ₦850 billion in revenue from maritime agencies.
“These figures demonstrate Nigeria’s potential for robust internally generated revenue if corruption is tackled and compliance improved,” the PRP stated.
The party questioned the impact of the removal of fuel and forex subsidies, noting that hardship has worsened despite the government’s promises of reinvestment into infrastructure and economic growth.
“The question remains: where did the funds from subsidy removal go, and what benefits have Nigerians truly gained?” it asked.
Calling on the National Assembly to reject the proposed loans, the PRP insisted that Nigeria must halt what it termed “reckless borrowing” and prioritise transparency, accountability, and prudent fiscal management.
“The time to act is now. Nigeria’s future depends on our collective resolve to resist further indebtedness and to demand accountability from those entrusted with our resources,” the statement concluded.
