Fresh Loan: Tinubu Warned Against Mortgaging Nigeria’s Future

The Peoples Redemption Party, PRP, has asked President Bola Tinubu to stop mortgaging the future of Nigeria.

The National Chairman of the party, Falalu Bello, made the call in a statement on Thursday in response to the President’s request for approval to take a fresh $24 billion loan.

Bello condemned the incessant borrowing without accountability or visible results, adding that most of the loans are allegedly embezzled by officials in the current administration, further impoverishing the nation and burdening posterity with irredeemable debts.

He added that Instead of channeling borrowed funds into meaningful infrastructural development, social investments, or economic diversification, the government continues to squander Nigeria’s future on frivolous projects and opaque contracts.

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According to him, recent revenue data from key government agencies indicate a promising capacity for domestic revenue generation, which if properly harnessed, could reduce the need for borrowing.

The PRP national chairman called on the National Assembly to exercise their constitutional duty with patriotism and integrity by rejecting Tinubu’s latest loan request outright, stressing that Nigeria could not afford to deepen its debt crisis.

He added that Nigeria deserves transparent governance, prudent fiscal management, and a government committed to the welfare of its citizens, demanding an immediate halt to what he called reckless borrowing.

“We are profoundly alarmed and deeply disappointed by the current trajectory of Nigeria’s reckless borrowing spree under the administration of President Bola Ahmed Tinubu.

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“As Nigeria’s total public debt soars to an unprecedented N144.7 trillion (approximately $94.2 billion), with nearly half of it external, the nation’s future is increasingly being mortgaged to foreign creditors — all while the citizenry continues to suffer from neglect, poverty, infrastructural decay, and insecurity.

“The Federal Inland Revenue Service, FIRS, generated N21.6 trillion in 2024, surpassing its initial target of N19.4 trillion by 11.34%. The Nigeria Customs Service, NCS, also recorded a substantial increase, generating N6.1 trillion in 2024 — a 90.4% rise compared to N3.2 trillion in 2023,” he stated.