The Nigeria Democratic Congress (NDC) has condemned President Bola Tinubu’s latest request for a $7.7 billion external loan, accusing his administration of plunging the country deeper into debt and mortgaging the future of generations yet unborn.
The opposition party has consequently urged Nigerians to participate massively in the January 16, 2027 general elections and use their votes to demand accountability, fiscal discipline and responsible management of public resources.
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President Tinubu had reportedly approached the National Assembly for approval of a fresh external borrowing plan of $7.7 billion, approximately N10.79 trillion, to finance the 2026 budget deficit.
Reacting to the development, the Spokesperson of the NDC National Campaign Council, Dr. Chiogo Constance Ikokwu, described the latest borrowing request as another indication of what she called the administration’s growing dependence on loans to finance government expenditure.
In a statement issued on Thursday, Ikokwu expressed concern that the country’s rising debt profile was placing an unsustainable burden on future generations, warning that Nigerians must use the 2027 elections to change the direction of the country’s economic management.
She called on Nigerians to vote for the party’s presidential candidate, Peter Obi, and his running mate, Rabiu Musa Kwankwaso, on January 16, 2027.
Drawing parallels with the November 4, 2026 elections in the United States, the NDC spokesperson said Americans had demonstrated that citizens could use the ballot to influence the direction of governance despite economic difficulties and the rising cost of living.
She urged Nigerians not to surrender to economic hardship or become discouraged by what she described as the growing debt burden, insisting that electoral participation remained the most effective democratic instrument for bringing about political change.
Ikokwu 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.”
She, however, urged Nigerians not to despair, stressing that the ballot remained their most powerful instrument for demanding responsible leadership.
“But Nigerians should not despair. The ballot remains our most powerful instrument of change. We appeal to citizens to use their votes to rescue the country from this debt trap and entrust its future to a government committed to transparency, accountability and prudent management of public resources,” she added.
The NDC spokesperson further argued that Nigeria’s economic future should not be mortgaged through what she described as unsustainable borrowing and mismanagement of public resources.
The party maintained that the 2027 elections would provide Nigerians with an opportunity to determine the country’s economic direction and demand greater accountability from those seeking public office.
