The PDP said the policy inconsistency of the Tinubu administration has left many Nigerians suffering under worsening economic conditions.
The opposition Peoples Democratic Party (PDP) has criticised President Bola Tinubu’s recent request to borrow $21.5 million and ¥15 billion, as well as obtain a €65 million grant from international financial institutions, describing the move as contradictory and detrimental to Nigeria’s economic future.
President Tinubu’s loan request was transmitted to the National Assembly last Tuesday, seeking legislative approval to secure the external funding as part of the Medium-Term Expenditure Framework (MTEF) for the 2025–2026 fiscal period.
However, many Nigerians have criticised the loan request.
Some critics, including economists and civic advocates, have questioned the necessity of external borrowing in the aftermath of the fuel subsidy removal, a policy that was expected to free up resources for domestic development.
They argue that the subsidy removal should have created fiscal space to meet the nation’s financial needs without resorting to additional borrowing. Some others are concerned about Nigeria’s rising debt profile and the long-term implications for future generations.
At a press conference on Wednesday, the PDP National Publicity Secretary, Debo Ologunagba, questioned both the rationale for fresh borrowing and the earlier removal of fuel subsidy, which the government had claimed would ease fiscal pressure and reduce reliance on loans.
“Only last week, the president had just asked for and requested for a $24.5 billion loan. What they said that is actually very annoying was that they’re going to use that money to cushion the effect of subsidy removal. We were here when they said to us, ‘we’re going remove subsidies, therefore, we will not borrow anymore. We’re not going to put subsidy on petrol, and therefore, there’ll be more money to provide cushioning policies and programmes, to take away the pain of the subsidy.” So the question is – where is the money if indeed you’re going to borrow money to cushion the effect of subsidy, two years after?” he said.
Mr Ologunagba added that the policy inconsistency has left many Nigerians suffering under worsening economic conditions.
“Many people have died on account of the irresponsibility of this government, because of their impoverishment and that’s why we’re here. So they said that part of that money will be used to take care of pensioners. Pension is a contributory scheme. So where’s the money?” he said.
The PDP spokesperson also criticised the National Assembly, accusing it of failing in its oversight duties.
He insisted that the opposition is not merely criticising for political gain but seeking better governance.
“The National Assembly should interrogate, which they’re not doing, of course, they have declared that whatever the president says, is okay by them, and we have seen it. These are the things that Nigerians are going to challenge in 2027.
“One thing is clear, and Nigerians should recognise that, we’re not in opposition to just criticise. It is better for this country to do well, so that all of us can benefit from it. It is not in our interest that the government fails, but the government must be ready to listen to alternative views that could help us build a country that all of us can have what we call the pursuit of happiness,” Mr Ologunagba said.