The Social Democratic Party (SDP) has raised alarm over Nigeria’s growing debt profile following the National Assembly’s approval of President Bola Tinubu’s request to secure $6 billion in external loans. The party warned that the borrowing trend is unsustainable and questioned whether the funds would translate into tangible development across critical sectors.
Speaking at a press conference in Abuja on Thursday, SDP National Publicity Secretary Rufus Aiyenigba expressed concern that the loans might be diverted for political purposes ahead of the 2027 elections. He argued that governance has taken a back seat, with political maneuvering dominating the national agenda.
Aiyenigba criticized the administration’s borrowing pattern, describing it as reckless. He noted that while the Buhari government reportedly accumulated ₦83 trillion in debt over eight years, the current administration has borrowed ₦158 trillion in just three years. He questioned why such massive borrowing has not improved security or healthcare. “Why is it difficult to fund our security architecture? Why are our hospitals in such poor shape that leaders still travel abroad for treatment?” he asked.
The SDP spokesman stressed that transparency and accountability in debt management are global standards Nigeria must uphold. He accused the government of rushing loan requests through the legislature without proper scrutiny or public engagement. “Within an unusually short period, loan requests were prepared, submitted, and approved—almost on the eve of an election year. This alone raises red flags,” he said.
The party also accused the government of prioritizing politics over governance. According to Aiyenigba, recent months have been dominated by political activities such as receiving defectors and consolidating power, while national development has stalled. He demanded full disclosure on all loans and recovered public funds, insisting that Nigerians deserve to know how borrowed money is being spent.
Meanwhile, SDP National Chairman Prof. Abubakar Gombe dismissed speculation that the party was reserving its presidential ticket for a preferred aspirant. He clarified that the SDP remains open to all Nigerians who meet constitutional requirements to contest elective offices.
The controversy comes two days after the Senate approved Tinubu’s request for fresh loans totaling $6 billion. The approval followed a report presented
