ENUGU, Nigeria (VOICE OF NAIJA)-The Social Democratic Party (SDP) on Thursday questioned the Federal Government’s fresh $6bn borrowing plan approved by the National Assembly, warning that Nigeria’s rising debt profile is not translating into visible development.
The party’s National Publicity Secretary, Rufus Aiyenigba, raised the concern during a press conference in Abuja, expressing fears that the loans could worsen the country’s fiscal situation 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,” he said.
He added, “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 described the borrowing pattern of President Bola Tinubu’s administration as unsustainable, questioning 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 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?” he queried.
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Aiyenigba insisted that government must be accountable for all borrowed funds, stressing that transparency is a global standard in debt management.
“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,” he said.
He criticised what he described as a lack of due diligence in the loan approval process, noting that requests were prepared and approved within a short period, raising concerns about oversight.
“We have witnessed situations where loans were taken without due diligence, without proper scrutiny, and without meaningful engagement with the public. This alone raises red flags,” he said.
The SDP further accused the government of prioritising political manoeuvring over governance, alleging that national development has taken a back seat.
“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,” he said.
The party called for full disclosure of all loans and recovered public funds, insisting that Nigerians deserve transparency.
Meanwhile, SDP National Chairman, Abubakar Gombe, dismissed claims that the party was reserving its presidential ticket for any preferred aspirant.
“As far as the party is concerned, the SDP is open to all Nigerians who are eligible to contest as long as they meet all the criteria of the constitution,” he said.
The reaction comes days after President Tinubu sought and obtained Senate approval for external loans totalling $6bn, including $5bn from Abu Dhabi Bank for budget support and $1bn from UK Export Finance through Citibank to fund critical port infrastructure projects.
The request, conveyed to Senate President Godswill Akpabio, was approved following the consideration of a report presented by the Chairman of the Senate Committee on Local and Foreign Debts, Aliyu Wamakko.