President Bola Tinubu has been asked to provide evidence of projects delivered with Nigeria’s previous external loans before the National Assembly approves his request to borrow $20.52bn and €1.045bn.
Dr Chiogo Constance Ikokwu, spokesperson for the NDC National Presidential Campaign Council Obi/Kwankwaso 2027, said in a post on Thursday that the government should account for the benefits of its borrowing, including completed roads, operational hospitals and power projects that have improved electricity supply.
The demand comes as Nigeria’s external debt rose by $11.36bn between June 2023 and June 2026, reaching $54.52bn from $43.16bn.
Total public debt also rose from ₦87.38tn to ₦166.79tn within the same period, an increase of approximately 90.9 per cent.
Campaign council demands evidence of completed projects
Ikokwu questioned what Nigerians had received from the money borrowed by the government, particularly as households and businesses struggle with the cost of living.
She asked which roads had been completed, which hospitals were operational and which power projects had increased electricity supply.
The government says the proposed loans will fund critical development projects. However, Ikokwu said Nigerians deserved precise information about what the new borrowing would deliver.
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She also questioned why the government continued to require substantial loans if its revenue was increasing.
Another issue she raised was lawmakers’ previous concerns about inadequate capital releases to ministries, departments and agencies under earlier budgets.
She said these questions should be addressed before the country takes on further borrowing obligations.
Proposed borrowing could raise debt exposure
The campaign council spokesperson said Nigeria’s potential external debt exposure could reach about $81.96bn when Tinubu’s new request is considered alongside previously approved but undrawn financing.
The figure assumes no overlap between the financing amounts and that all the funds will eventually be drawn. It is an illustrative estimate, not Nigeria’s official outstanding external debt.
Ikokwu called on the President and the National Assembly to demand a public register of external loans taken since May 2023.
She said the register should show the amount borrowed and disbursed for each project, loan terms, project locations, implementation status and independently verified outcomes.
She also called for a clear assessment of future debt-service obligations and the risks associated with exchange-rate movements.
Debt servicing covers interest payments and the repayment of borrowed funds. Exchange-rate changes can affect the naira cost of repaying loans denominated in foreign currencies.
Ikokwu said borrowing could support national development when investments produced measurable benefits and repayments remained sustainable.
WHAT READERS SHOULD KNOW
The proposed loans comprise $20.52bn and €1.045bn. The campaign council’s demand is that the government provide evidence of results from previous borrowing and publish details of how the funds were used.
The National Assembly is being asked to scrutinise the new requests and obtain clear answers on project delivery, spending and future repayment obligations before approving further borrowing.
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