APM chides Tinubu over loans, says they are a threat to generations yet unborn
The Makinde-Daura Presidential Campaign Organisation (MDPCO) under the platform of the Allied Peoples Movement (APM) has condemned President Bola Ahmed Tinubu’s latest request for fresh foreign loans totalling $20.52 billion and €1.045 billion.
The campaign further warned that Nigeria risks being engulfed in economic crisis like that of Egypt under Khedive Isma’il in the 19th century.
In a statement by its Director of Strategic Communications, Richard Ihediwa, on Wednesday, MDPCO described the latest borrowing request, as troubling, particularly amid concerns over the government’s existing debt obligations.
The campaign organisation accused the present administration of recklessly accumulating domestic and external debts without commensurate development or a credible repayment plan, warning that the growing debt burden threatens Nigeria’s economic sovereignty and the future of generations yet unborn.
APM argued that successive administrations have justified foreign borrowing on the grounds of infrastructure development, critical projects and budget financing, yet Nigerians have continued to grapple with worsening economic hardship and inadequate public services.
MDPCO also questioned how the present administration’s overlapping budget cycles had been funded, arguing that the government must account for the proceeds of previous loans before seeking further credit facilities.
“The nation’s insatiable appetite for foreign loans has reached alarming proportions. Every well-meaning Nigerian should be concerned about a government that continues to accumulate debts without demonstrating corresponding development, transparent utilisation of funds or a credible repayment plan,” the statement said.
The campaign recalled that in 2023, the Tinubu administration secured a $750 million World Bank loan under the Power Sector Recovery Performance programme, intended to improve electricity supply nationwide.
The MDPCO further cited a $500 million loan secured in June 2023 for institutional strengthening and women’s empowerment, asking the government to disclose the number of women who had benefited and the measurable results achieved.
It also listed an $800 million loan for conditional cash transfers in July 2023 and another $700 million facility in September of the same year, demanding greater transparency over the implementation and impact of the programmes.
While drawing a historical parallel, the MDPCO warned that Nigeria could suffer a fate similar to that of Egypt under Khedive Isma’il, whose ambitious spending and dependence on foreign borrowing contributed to a severe debt crisis and the erosion of the country’s financial independence in the 19th century.
The organisation said the comparison should serve as a warning against excessive borrowing without a sustainable economic strategy, productive investments and clear accountability for public funds.
“It is unfortunate that President Tinubu is leaving behind a legacy of mounting debt rather than productive investments, shared prosperity and economic stability,” the statement said.
