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The Peoples Redemption Party (PRP) has issued a scathing condemnation of President Bola Ahmed Tinubu’s latest foreign loan request, calling on the National Assembly to reject the proposal and accusing the administration of driving the country into a deepening debt crisis that threatens Nigeria’s economic sovereignty.

In a strongly worded statement released Thursday and signed by its National Chairman, Falalu Bello (OFR), the PRP decried what it described as a “reckless borrowing spree” by the Tinubu government. The party warned that Nigeria’s mounting debt, now standing at ₦144.7 trillion (approximately $94.2 billion), is plunging future generations into economic bondage, with minimal benefit to ordinary citizens.

The PRP expressed alarm that the President is seeking $21.5 million, ¥15 billion, and a €65 million grant as part of a 2025–2026 external borrowing plan, despite debt servicing costs surging to ₦13.12 trillion in 2024, marking a 68% increase from the previous year. The party argued that this request is “utterly unacceptable” at a time when citizens are facing heightened poverty, insecurity, and infrastructural decay.

“This government is clearly out of touch with the realities of its people and the perilous state of our economy,” the statement read.

According to the PRP, much of Nigeria’s borrowing under the Tinubu administration has been marked by a lack of accountability and transparency. The party alleged widespread embezzlement of loan funds and criticized the government for investing in “frivolous projects and opaque contracts” rather than meaningful development initiatives or economic diversification.

“Most of these loans are allegedly embezzled by officials in the current administration, further impoverishing the nation and burdening posterity with irredeemable debts,” the statement continued.

The PRP also questioned the credibility of the National Assembly, which recently inserted 11,122 projects worth ₦6.93 trillion into the 2025 national budget. While such insertions may suggest responsiveness to national needs, the party argued that past experience has shown that many budgeted projects are never implemented or are poorly executed due to corruption.

“The significant question remains: how many of these projects will be genuinely implemented and effectively serve the Nigerian people?” the party asked.

Citing data from key government agencies, the PRP highlighted the country’s growing capacity for domestic revenue generation. In 2024, the Federal Inland Revenue Service (FIRS) exceeded its target, generating ₦21.6 trillion, while the Nigeria Customs Service (NCS) collected ₦6.1 trillion, a 90.4% increase from the previous year. The Marine and Blue Economy sector contributed an additional ₦850 billion in revenue.

“These figures demonstrate Nigeria’s potential for robust internally generated revenue if corruption is tackled and compliance improved,” the party asserted.

The PRP also criticized the Tinubu administration for its removal of oil and dollar subsidies, which was justified as a measure to redirect funds toward development. Instead of improved infrastructure or social investments, Nigerians have only seen worsening living conditions, the statement said.

“Where did the funds from subsidy removal go, and what benefits have Nigerians truly gained?” the party queried.

Concluding its statement, the PRP issued a direct appeal to the National Assembly to fulfill its constitutional duty and reject the loan request in the interest of national sustainability.

“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,” the party said.

The PRP called for a full audit of existing debts, a halt to further borrowing, and the implementation of policies that promote transparency, economic growth, 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,” the statement concluded.

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