The Social Democratic Party (SDP) has raised concerns over the Federal Government’s request to borrow $6 billion, recently approved by the National Assembly, warning that Nigeria’s rising debt profile is not matched by visible development in critical sectors.
The party’s National Publicity Secretary, Rufus Aiyenigba, expressed these concerns at a press conference in Abuja on Thursday, cautioning that the growing debt burden could worsen the country’s fiscal outlook if not properly managed.
“Nigeria’s debt profile is rising recklessly without any commensurate infrastructure to show for it. We fear that the huge loans recently approved may be deployed for political purposes ahead of the 2027 elections,” Aiyenigba said.
“Governance has already taken a back seat, and Nigeria is now in full campaign mode. Everything revolves around 2027.”
The opposition party described the current administration’s borrowing pattern as unsustainable and questioned the impact of previous loans on key sectors such as security and healthcare.
“From an economic standpoint, the borrowing pattern of this administration is alarming. The Buhari administration reportedly accumulated ₦83tn over eight years. Yet in just three years, the current administration has borrowed ₦158tn with no clear evidence of development to justify it. Why is it difficult to fund security? Why are our hospitals in such poor shape?” he queried.
Aiyenigba stressed that government officials must be accountable for all borrowed funds, calling for transparency in line with global debt management practices. He warned that recent loans were approved in unusually short periods, raising concerns about due diligence and public engagement.
The SDP also accused the government of prioritising political manoeuvring over governance, arguing that national development has stalled while leaders focus on consolidating power ahead of 2027. The party demanded full disclosure of all loans and recovered public funds.
Meanwhile, SDP National Chairman Prof. Abubakar Gombe dismissed claims that the party was reserving its presidential ticket for a preferred candidate. He said the party remains open to all eligible Nigerians seeking elective offices under constitutional guidelines.
The SDP’s concerns follow the Senate’s approval of President Bola Tinubu’s request for $5 billion from Abu Dhabi Bank for budget deficit financing and debt obligations, and $1 billion from UK Export Finance through Citibank to rehabilitate critical port infrastructure.
