SDP rejects Tinubu’s $6bn fresh loan, rising debt burden

The Social Democratic Party (SDP) has condemned the Federal Government’s $6b external borrowing request recently approved by the National Assembly.

The party on Thursday in Abuja at a media conference warned that Nigeria’s rising debt profile is not matched by visible development across critical sectors, apart from it being a burden.

The National Publicity Secretary of the SDP, Araba Rufus Aiyenigba, at the press conference, expressed fears that the growing debt burden could worsen the country’s fiscal outlook if not properly managed.

“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,* Aiyenigba said.

The SDP spokesman questioned the impact of previous loans on key sectors such as security and healthcare, warning that the borrowing pattern of the current administration is unsustainable.

He said, “From an economic standpoint, the borrowing pattern of this administration is alarming. The Buhari administration reportedly accumulated N83tn in borrowing over eight years. Yet in just three years, the current administration has borrowed N158tn, 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?”

The SDP spokesman noted that government officials must be accountable for borrowed funds.

He said that transparency in debt management is a global standard that Nigeria must adhere to.

“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,” Aiyenigba said.

He also accused the government of prioritising politics over governance.

He said, “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.”