PRP warns Tinubu not to mortgage Nigeria’s future with current debt already notches N144trn
By Jeph Ajobaju, Chief Copy Editor
Bola Tinubu should stop mortgaging the future of Nigeria to foreign loans, the People’s Redemption Party (PRP) has warned the President, alarmed at his quest for a new $24 billion (N38.4 trillion) tranche besides the N144 trillion the country already borrowed with nothing to show for it except pervasive corruption in government circles.
PRP National Chairman Falalu Bello condemned Tinubu’s incessant borrowing without accountability or visible results, adding that most of the loans are allegedly stolen by officials of his administration, further impoverishing citizens and burdening posterity with irredeemable debts.
Bello noted that instead of channeling borrowed funds into meaningful infrastructural development, social investment, or economic diversification, Tinubu squanders Nigeria’s future on frivolous projects and obscure contracts, some of them unilaterally awarded by him without competitive bidding or legislative approval.
Recent data from key government agencies show a promising capacity for domestic revenue generation, which if properly harnessed, could reduce the need for borrowing, Bello pointed out in a statement.
Tinubu announced on May 29, on the second anniversary of coming to power, that Nigeria generated N6 trillion revenue in the first quarter of 2025 (Q1 2025) alone.
Bello urged the National Assembly (NASS) to exercise its 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 demanded an immediate halt to “reckless borrowing”, stressed that the country deserves transparent governance, prudent fiscal management, and a government committed to the welfare of citizens.
His words: “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.
“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.”
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