NDC criticises Tinubu’s $7.7bn loan request

The NDC has criticised President Tinubu’s request for a $7.7bn external loan and urged Nigerians to use the 2027 election to demand fiscal responsibility.

The Nigeria Democratic Congress (NDC) has criticised President Bola Tinubu’s request for a fresh $7.7bn (about N10.79tn) external loan, expressing concern over the country’s rising debt burden, Punch reports.

The party’s National Presidential Campaign Council spokesperson, Dr Chiogo Ikokwu, said in a statement on Thursday that the request reinforced concerns about the government’s reliance on external loans to finance budget deficits. She described the pattern as a “One Week! New Loan!” spree and accused the President of enjoying the support of a rubber-stamp National Assembly.

She said, “The ballot remains our most powerful instrument of change.” She urged Nigerians to use the January 16, 2027 presidential election to demand a change in leadership and to back the party’s candidate, Peter Obi, and his running mate, Rabiu Musa Kwankwaso.

Tinubu’s request, in a letter dated October 26, 2026, was read by Senate President Godswill Akpabio on Wednesday. He is seeking approval to raise $7.7bn at N1,400 to the dollar to part-finance the 2026 budget deficit. It replaces an earlier proposal for $20.52bn and €1.05bn, which he withdrew.