Don’t mortgage Nigeria’s future, reject Tinubu’s loan request – PRP urges NASS
…Nigeria’s debt servicing costs have skyrocketed to N13.12 trillion in 2024 says National Chairman
By Tunde Opalana
The Peoples Redemption Party (PRP) has charged the National Assembly to reject fresh loan requests by President Bola Tinubu in the interest of the nation.
As representatives of the people, the party urged the 469 lawmakers in both chambers of the National Assembly to rise up to the occasion of saving the country from being plunged into another foreign debt by President Tinubu.
Dr Falalu Bello, National Chairman of the Peoples Redemption Party (PRP) in a personally signed statement on Thursday said the party is profoundly alarmed and deeply disappointed by the current trajectory of Nigeria’s reckless borrowing spree under the administration of President Bola Tinubu.
He said as Nigeria’s total public debt soars to an unprecedented N144.7 trillion (approximately $94.2 billion), with nearly half of it external, the nation’s future is increasingly being mortgaged to foreign creditors.
He added the it is heart broken to note that all this are happening while the citizenry continues to suffer from neglect, poverty, infrastructural decay, and insecurity.
The National Chairman in the statement said “it is utterly unacceptable that President Tinubu, instead of prioritizing 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.
“This request, coming at a time when Nigeria’s debt servicing costs have skyrocketed to N13.12 trillion in 2024 alone — a staggering 68% increase from the previous year — exemplifies a government that is clearly out of touch with the realities of its people and the perilous state of our economy.
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“The PRP vehemently condemns this incessant borrowing without accountability or visible results. Most of these loans are allegedly embezzled by officials in the current administration, further impoverishing the nation and burdening posterity with irredeemable debts.
“Instead of channeling borrowed funds into meaningful infrastructural development, social investments, or economic diversification, the government continues to squander Nigeria’s future on frivolous projects and opaque contracts.
“In this context, it is noteworthy that, despite the alarming debt figures, the National Assembly recently inserted 11,122 projects worth N6.93 trillion into the 2025 national budget. While this may appear as an effort to address national needs, the significant question remains: how many of these projects will be genuinely implemented and effectively serve the Nigerian people?
“Past experiences have shown that budget allocations often do not translate into tangible development, especially when coupled with pervasive corruption and mismanagement.
“Furthermore, recent revenue data from key government agencies indicate a promising capacity for domestic revenue generation, which, if properly harnessed, could reduce the need for borrowing.
“The Federal Inland Revenue Service (FIRS) generated N21.6 trillion in 2024, surpassing its initial target of N19.4 trillion by 11.34%. The Nigeria Customs Service (NCS) also recorded a substantial increase, generating ₦6.1 trillion in 2024 — a 90.4% rise compared to ₦3.2 trillion in 2023.
“Additionally, four agencies under the Marine and Blue Economy sector—the Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Shippers Council (NSC), Nigerian Ports Authority (NPA), and the National Inland Waterways Authority (NIWA)—collectively generated revenue of over ₦850 billion in 2024”.
He said these figures demonstrate Nigeria’s potential for robust internally generated revenue if corruption is tackled and compliance improved.
“Conversely, a disturbing rise in pilferage, corruption, and budget padding continues to drain our resources. Addressing these issues—by rooting out corruption and ensuring prudent management—would significantly strengthen our fiscal position and lessen the reliance on external borrowing”.
Bello recalled that the removal of oil and dollar subsidies by President Tinubu was justified as a move to free funds for infrastructure and economic growth, yet, Nigerians are now enduring increased hardship without tangible benefits. Instead of seeing the promised growth, the suffering persists even as the government borrows more than previous regimes that paid subsidies.
“The question remains: where did the funds from subsidy removal go, and what benefits have Nigerians truly gained?,” he asked.
The PRP chairman advised that if Nigeria can effectively harness its increased revenue and eliminate corruption, it can fund its development internally without resorting to further external debt.
He reminded both the executive and the legislature to note that the Nigerian people will ultimately hold them accountable for the ongoing mismanagement and resource misappropriation since 1999.
Calling on the National Assembly, as representatives of the Nigerian people, “to exercise their constitutional duty with patriotism and integrity. Out of a genuine sense of national interest, we urge you to reject President Tinubu’s latest loan request outright. Nigeria cannot afford to deepen its debt crisis, nor can we continue to be a nation whose resources are looted and mismanaged.”
He added that “Nigeria deserves transparent governance, prudent fiscal management, and a government committed to the welfare of its citizens. The PRP demands an immediate halt to reckless borrowing, an audit of existing debts, and the implementation of policies that promote economic growth, transparency, and social justice.
“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”
