PRP Slams Tinubu’s Govt Over Fresh Loan Bid, Alleges Massive Embezzlement
The People’s Redemption Party (PRP) has criticised the administration of President Bola Tinubu over what it described as reckless and unaccountable borrowing, warning that Nigeria’s debt burden has reached an alarming N144.7 trillion.
In a statement signed by its National Chairman, Falalu Bello, the PRP said the debt figure, nearly half of which is external, is unsustainable and largely unproductive.
“The PRP vehemently condemns this incessant borrowing without accountability or visible results,” the statement read.
The party alleged that most of the loans secured by the Tinubu administration were being embezzled by government officials, further deepening poverty and mortgaging the country’s future.
President Tinubu is reportedly seeking an additional $21.5 million, ¥15 billion, and a €65 million grant as part of his 2025–2026 borrowing plan, even as debt servicing costs soared to N13.12 trillion in 2024, a 68% rise from the previous year.
PRP faulted the government’s handling of borrowed funds, claiming they are squandered on frivolous projects and opaque contracts instead of infrastructure, social investments, or economic diversification.
The party also criticised the National Assembly for inserting over 11,000 projects worth N6.93 trillion into the 2025 budget, questioning the likelihood of proper implementation and impact.
It cited revenue data from major agencies as proof that Nigeria can finance its development internally. According to PRP, the Federal Inland Revenue Service (FIRS) generated N21.6 trillion in 2024—11.34% above its target—while the Nigeria Customs Service raised N6.1 trillion, up from N3.2 trillion in 2023. Four marine sector agencies also jointly generated over N850 billion.
“These figures demonstrate Nigeria’s potential for robust internally generated revenue if corruption is tackled and compliance improved,” the statement said.
The party recalled that President Tinubu removed fuel and forex subsidies with the promise of redirecting the savings to national development, but argued that the people are yet to see any meaningful improvement.
“Instead of seeing the promised growth, the suffering persists even as the government borrows more than previous regimes that paid subsidies,” it said. “Where did the funds from subsidy removal go, and what benefits have Nigerians truly gained?”
The PRP urged lawmakers to act with integrity and reject the president’s new loan request in the interest of the nation.
“We call on the National Assembly, as representatives of the Nigerian people, to exercise their constitutional duty with patriotism and integrity. Nigeria cannot afford to deepen its debt crisis, nor continue as a nation whose resources are looted and mismanaged,” the statement concluded.
Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.
