The National Democratic Congress (NDC) National Presidential Campaign Council spokesperson, Dr Chiogo Constance Ikokwu, has questioned President Bola Tinubu’s latest external loan request, urging the National Assembly to ensure full transparency before approving additional borrowing.
Ikokwu, in a statement issued on Thursday, expressed concern over Nigeria’s rising debt profile following the President’s request for approval to borrow $20.52bn and €1.045bn.
She cited figures showing that Nigeria’s external debt rose from $43.16bn in June 2023 to $54.52bn in June 2026, arguing that Nigerians deserve clear evidence of the benefits of previous borrowings before the country assumes further obligations.
The NDC spokesperson questioned the impact of the loans on infrastructure, healthcare and electricity supply, particularly amid rising living costs and concerns over inadequate capital releases to ministries, departments and agencies.
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She asked the Federal Government to publish a project-by-project register of external loans obtained since May 2023, detailing amounts borrowed and disbursed, loan terms, project locations, implementation status and independently verified outcomes.
Ikokwu also called for a comprehensive assessment of future debt-servicing obligations and the risks posed by exchange-rate fluctuations.
While acknowledging that borrowing could support national development, she maintained that loans must deliver measurable benefits and remain within sustainable repayment limits.
She urged the National Assembly to subject the President’s request to rigorous scrutiny and demand clear answers on the intended projects and the outcomes of previous borrowing before approving further loans.
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