The Social Democratic Party on Thursday raised concerns over the Federal Government’s $6b external borrowing request that was recently approved by the National Assembly, warning that Nigeria’s rising debt profile is not matched by visible development across critical sectors.
The party’s National Publicity Secretary, Rufus Aiyenigba, disclosed this at a press conference in Abuja, expressing fears that the growing debt burden could worsen the country’s fiscal outlook if not properly managed.
He said, “Nigeria’s debt profile is rising recklessly without any commensurate infrastructure to show for it. We in the SDP fear that the huge loans recently approved by the National Assembly may be deployed for political purposes ahead of the 2027 elections.
“We hope to be proven wrong, but governance has already taken the back seat, and Nigeria is now in full campaign mode. Everything revolves around 2027.”
The opposition party further criticised the borrowing pattern of the current administration, describing it as unsustainable.
The SDP spokesman questioned the impact of previous loans on key sectors such as security and healthcare.
“From an economic standpoint, the borrowing pattern of this administration is alarming. The Buhari administration reportedly accumulated ₦83tn in borrowing over eight years. Yet in just three years, the current administration has borrowed ₦158tn, with no clear evidence of development to justify it.
“Why is it difficult to fund our security architecture? Why are our hospitals in such poor shape that even for basic ailments, leaders run abroad? Why can’t former leaders use the hospitals they claimed to have built?” he queried.
Aiyenigba stressed that government officials must be accountable for borrowed funds.
According to him, transparency in debt management is a global standard that Nigeria must adhere to.
He said, “When leaders obtain humongous loans in the name of the nation, they have a moral, constitutional, and fiduciary responsibility to explain to Nigerians what those funds have been used for. Nigerians deserve to know:”
“This is standard global practice. It aligns with international debt management principles, where transparency and accountability are compulsory. Instead, what we see in Nigeria is the opposite.
“We have witnessed situations where loans were taken without due diligence, without proper scrutiny, and without meaningful engagement with the public. Within an unusually short period, loan requests were prepared, submitted, and approved—almost on the eve of an election year. This alone raises red flags.”
The SDP also accused the government of prioritising politics over governance.
“Over the past few months, governance in Nigeria has practically ceased. What we see is not leadership but frantic political manoeuvring—politicians receiving defectors, positioning loyalists, and consolidating power ahead of 2027. National development has stalled, while political scheming has become the central preoccupation,” he said.
The party demanded full disclosure on all loans and recovered public funds.
Meanwhile, SDP National Chairman, Prof. Abubakar Gombe, has dismissed speculation that the party was reserving its presidential ticket for a preferred aspirant.
He said, “As far as the party is concerned, the SDP is open to all Nigerians who are eligible to contest, not just the president, but all elective offices in the land as long as they meet all the criteria of the constitution.”
The SDP’s reaction comes two days after the Senate approved President Bola Tinubu’s request to secure fresh external loans totalling $6 billion, aimed at addressing fiscal gaps and funding key infrastructure projects.
The approval followed the consideration of a report presented by the Chairman of the Senate Committee on Local and Foreign Debts, Senator Aliyu Wamakko (APC, Sokoto North).
The decision came hours after the President formally wrote to the Senate seeking legislative backing for the facilities.
In his correspondence to Senate President Godswill Akpabio, read during plenary, Tinubu requested approval to borrow $5 billion from Abu Dhabi Bank to support budget deficit financing and meet existing debt obligations.
In a separate request, the President also sought approval for a $1 billion loan facility from UK Export Finance through Citibank in London to finance the rehabilitation of critical port infrastructure.
Click to signup for FREE news updates, latest information and hottest gists everydayAdvertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com