ADC-PCC Urges National Assembly to Reject Tinubu’s $20.52bn, €1.045bn Loan Request

The African Democratic Congress Presidential Campaign Council (ADC-PCC) has called on the National Assembly to reject President Bola Tinubu’s proposed external borrowing plan worth $20.52 billion and €1.045 billion unless the Federal Government provides full details of the loans and demonstrates their expected benefits to Nigerians.

The council’s position followed Tinubu’s request for legislative approval of the 2026–2027 Supplementary External Borrowing Plan, which he said would finance projects in infrastructure, agriculture, healthcare, education, water supply, security, employment generation and financial management reforms.

In a statement issued on Tuesday, October 27, the ADC-PCC, through its Director of Media and Publicity, Kola Ologbondiyan, questioned the need for additional foreign borrowing without what it described as a transparent account of previous loans and the revenue generated from the removal of the petrol subsidy.

The council argued that Nigerians facing rising living costs and increased financial pressures deserved clear explanations about the proposed borrowing and how the funds would improve their lives.

“What exactly is President Tinubu borrowing all this money for? Where are the roads, the electricity, the hospitals, the jobs and the critical infrastructure that should justify this relentless accumulation of debt? Nigerians deserve answers,” Ologbondiyan said.

The council warned that borrowing without transparent spending records and measurable results could increase Nigeria’s debt burden and restrict the choices available to future governments.

ADC-PCC Demands Disclosure of Loan Details

The council called on Tinubu to publish a comprehensive account of domestic and foreign borrowing undertaken since he assumed office on May 29, 2023.

It also demanded a breakdown of the revenue realised from petrol subsidy removal and details of how the funds had been spent.

On the proposed external borrowing, the ADC-PCC called for disclosure of the intended uses of the funds, interest rates, repayment periods, fees, conditions and any collateral or guarantees attached to the facilities.

It maintained that lawmakers should not approve the borrowing plan until the government demonstrates its necessity, sustainability and expected benefits to the public.

“Nigeria cannot borrow its way out of poor economic management. Borrowing must be tied to clearly defined national priorities, transparent expenditure and measurable outcomes. Anything less is an injustice to the Nigerian people,” the council said.

Tinubu Says Funds Will Support Development Projects

Tinubu’s request, read by Senate President Godswill Akpabio during plenary, seeks approval for external borrowing totalling $20,517,755,901 and €1,045,083,643 under the 2026–2027 Supplementary External Borrowing Plan.

In his letter to the lawmakers, the President said the projects had been selected following technical and economic evaluations and were intended to address Nigeria’s infrastructure deficit and funding gaps.

He said the proposed investments would support development across the country, with most projects expected to be implemented in the 36 states and the Federal Capital Territory.

The President identified power, transportation and healthcare among the critical sectors expected to benefit from the financing.

Following the presentation of the request, Akpabio referred it to the Senate Committee on Local and Foreign Debts, with possible input from the Committees on Appropriations and Finance. The committee was directed to report back within one week.

Akpabio also suggested that aspects of the borrowing plan might have featured in previous budgetary or borrowing arrangements, although he expressed uncertainty about the precise period covered by earlier approvals.

The relationship between the latest request and previous approvals is therefore among the issues requiring clarification during legislative scrutiny.

Loan Proposal Yet to Receive Final Approval

The ADC-PCC’s demand comes as the proposed borrowing undergoes legislative consideration.

While the Federal Government has outlined the broad sectors expected to benefit, the full project-by-project details, financing conditions and repayment obligations remain important to the assessment of the proposal.

Disclosure of those details would enable lawmakers and the public to examine the intended use of the funds, assess the likely financial obligations and determine whether the proposed facilities offer sufficient public benefits.

The council has urged the National Assembly to withhold approval until the government provides the information it has requested.

The borrowing proposal has not yet received final approval through the legislative process described in the Senate proceedings.