NDC Slams Tinubu Over Fresh $7.7bn Loan Request, Urges Nigerians to Vote for Obi, Kwankwaso

The Nigeria Democratic Congress (NDC) has criticised President Bola Tinubu over his request to the National Assembly for approval of a fresh $7.7 billion external borrowing plan to partly finance the 2026 budget deficit.

The party described the proposed borrowing as another addition to Nigeria’s growing debt burden and accused the Federal Government of placing further financial obligations on future generations.

In a statement issued on Thursday, the spokesperson for the NDC National Presidential Campaign Council, Dr Chiogo Constance Ikokwu, urged Nigerians to participate actively in the 2027 general elections and use their votes to demand accountability and responsible management of public resources.

Ikokwu called on Nigerians to vote for the party’s presidential candidates, Peter Obi and Rabiu Musa Kwankwaso, at the January 16, 2027 election.

She argued that the country’s rising debt profile and continued borrowing made the forthcoming election particularly important, warning that citizens should not remain politically inactive while decisions with long-term economic consequences were being made.

The NDC spokesperson also drew comparisons with the United States, where she said citizens demonstrated the power of democratic participation during the November 4, 2026 elections.

According to her, Nigerians facing economic hardship and a rising cost of living should similarly use their votes to influence the country’s political direction.

“President Bola Tinubu has again asked the National Assembly to approve a new external borrowing plan of $7.7 billion (approximately ₦10.79 trillion) to help finance the 2026 budget deficit, making this a case of a one-week, new loan,” she said.

Ikokwu further accused the National Assembly of failing to adequately scrutinise the President’s borrowing requests, alleging that lawmakers had already endorsed proposals before formally considering them.

She said, “Truly, it seems that right now, we cannot stop President Tinubu from his One Week! New Loan! One Week! New loan! Borrowing spree, which is already hitting the roof, because, regrettably, he has pocketed the National Assembly. We seem to have a rubber-stamp legislature that before a loan request formally gets to its desk, it has already been endorsed.”

The party maintained that Nigerians should not lose faith in the electoral process, describing the ballot as a powerful instrument for demanding political change.

It urged voters to support a government that prioritises transparency, accountability and prudent management of public funds, warning that unsustainable borrowing and poor fiscal management could undermine the country’s economic future.

The NDC’s statement comes amid debate over the Federal Government’s proposed external borrowing to finance the 2026 budget deficit.