The presidential candidate of the Young Progressives Party (YPP), Arch. Peter Agada, has urged the National Assembly to suspend President Bola Tinubu’s latest foreign loan request until after the 2027 general elections.
Agada made the call in Abuja on Wednesday while reacting to Tinubu’s request for Senate approval to borrow $20.52 billion and €1.045 billion to finance supplementary external borrowing for 2026 and 2027.
He expressed concern over the timing of the request, which he said came less than 110 days before the 2027 elections, amid Nigeria’s rising public debt.
“We must account for how previous loans were spent before asking for approval to borrow more,” Agada said.
The YPP candidate argued that the Federal Government had struggled to fully fund its budgets, with capital budget performance below 40 per cent and contractors still awaiting payment.
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“For three years, the Federal Government has been unable to fully finance its budget. Capital performance is below 40 per cent. Contractors are being owed. Yet we are borrowing more,” he said.
Using an architectural analogy, Agada added: “In Architecture, you don’t borrow to build a new house when you have not roofed the old one.”
He also questioned how the government had utilised revenue gains following the removal of the petrol subsidy and the floating of the naira. He cited concerns reportedly raised by Emir Sanusi and other leaders over the use of subsidy savings.
Agada further questioned what the proposed borrowing would achieve before the elections, arguing that major projects in power, transport, healthcare and education could not be completed within the remaining period.
“If you approve $20.5bn today, can you complete any power, transport, health or education project in 100 days? No. So what will this money actually do?” he asked, raising concerns about the possible use of the funds for contractor payments or election-related activities.
He proposed that if lawmakers approved the loan, they should include a clause preventing the government from accessing the funds between January and May 2027.
“If you must approve this loan, insert a clear clause: No disbursement from January 2027 to May 2027. The money should come after the election, to whoever wins, not before to the incumbent. That is how you prove it is not political,” he said.
Agada also warned that the proposed borrowing could send mixed signals to investors at a time when the government was promoting its economic reforms.
He said he had proposed measures that could save Nigeria more than ₦13 trillion annually without resorting to fresh borrowing or additional taxes, although the details of the proposed measures were not provided in the statement.
