The Peoples Redemption Party (PRP) has called on the National Assembly to reject President Bola Tinubu’s new foreign loan request, warning it would worsen Nigeria’s debt crisis and deepen public hardship.
Raising the alarm over the country’s rising debt load, PRP National Chairman Falalu Bello said the government’s appetite for borrowing lacks accountability and delivers little impact.
Bello criticised the latest request, which includes a mix of dollar, yen, and euro borrowings, stating that Nigeria already spends trillions servicing existing loans without visible improvements in infrastructure or welfare.
He argued that strong domestic revenue figures from key agencies show the country has the capacity to fund its needs internally. What’s missing, he said, is the political will to manage resources responsibly.
The PRP also faulted the inclusion of thousands of projects in the 2025 budget, describing it as a sign of fiscal indiscipline and misplaced priorities.
The party urged lawmakers to demand transparency, audit existing debts, and halt what it called “unsustainable borrowing practices” before they cause deeper economic damage.
