NDC criticises Tinubu's $7.7bn loan request, urges voters to act in 2027

The Nigeria Democratic Congress (NDC) has issued a sharp criticism of President Bola Tinubu’s request for a fresh $7.7 billion external loan. The opposition party expressed significant concern regarding the country’s escalating debt burden and its potential long-term implications for future generations. In a statement released on Thursday, November 5, 2026, the party’s National Presidential Campaign Council called on Nigerians to hold political leaders accountable for their fiscal decisions through the upcoming 2027 general elections.

Dr Chiogo Ikokwu, the spokesperson for the NDC’s National Presidential Campaign Council, stated that the latest borrowing request highlights the Federal Government’s heavy reliance on external loans to cover budget deficits. She described the current borrowing pattern as a rapid succession of new loans, accusing the President of operating with the support of a compliant National Assembly. According to the NDC, the legislature appears to endorse loan requests before they are formally presented, effectively acting as a rubber stamp for executive decisions.

Background

The loan request in question was formally conveyed in a letter dated October 26, 2026. This document was read during Wednesday’s plenary session by Senate President Godswill Akpabio. The President is seeking legislative approval to raise $7.7 billion, which is equivalent to N10.The total amount reached 79 trillion, calculated using a budgetary conversion rate of 1,400 naira per US dollar. The funds are intended to part-finance the 2026 budget deficit. This request effectively replaces an earlier proposal, indicating a shift in the specific amount or structure of the borrowing plan. The NDC argues that this development underscores a broader trend of unsustainable borrowing and mismanagement of public resources, which they believe is mortgaging Nigeria’s economic future.

Why it matters

The controversy centres on the sustainability of Nigeria’s debt levels and the role of electoral participation in addressing fiscal policy. Dr Ikokwu highlighted a parallel with the United States, observing that American citizens exercised their democratic rights by casting ballots in the November 3, 2026 polls, even while grappling with financial hardships. She urged Nigerians to emulate this level of civic engagement in the forthcoming general elections. The NDC explicitly urged the electorate to back Peter Obi and his vice-presidential candidate, Rabiu Musa Kwankwaso, maintaining that voting is the most potent mechanism for ensuring governmental responsibility. The party emphasised that citizens should use their votes to rescue the country from what it terms a debt trap and to entrust the nation’s future to a government committed to transparency and prudent resource management.

What happens next

The immediate next step is the legislative process surrounding the $7.7 billion loan request, which has already been introduced to the Senate. Beyond the immediate legislative approval, the NDC is directing its political energy toward the January 16, 2027 presidential election. The party is campaigning on a platform of fiscal responsibility and accountability, aiming to leverage the upcoming elections to effect a change in leadership. The outcome of the 2027 elections will determine whether the current administration continues its borrowing strategy or if a new government takes office with different fiscal priorities.