In a statement signed by the party’s National Chairman, Falalu Bello, the PRP expressed alarm over Nigeria’s soaring public debt, which it says has now reached N144.7trillion (approximately $94.2billion) with nearly half of it being external.
The Peoples Redemption Party (PRP) has issued a scathing statement condemning the administration of President Bola Tinubu over what it described as a “reckless borrowing spree,” urging the National Assembly to reject the President’s latest request for external loans.
In a statement signed by the party’s National Chairman, Falalu Bello, the PRP expressed alarm over Nigeria’s soaring public debt, which it says has now reached N144.7trillion (approximately $94.2billion) with nearly half of it being external.
"The PRP vehemently condemns this incessant borrowing without accountability or visible results.
"Most of these loans are allegedly embezzled by officials in the current administration, further impoverishing the nation and burdening posterity with irredeemable debts," the party stated.
According to the PRP, President Tinubu is seeking an additional $21.5 million and ¥15 billion in loans, along with a €65 million grant as part of the 2025–2026 borrowing plan, despite debt servicing costs reportedly hitting N13.12 trillion in 2024 — a 68% increase from the previous year.
"Instead of channelling borrowed funds into meaningful infrastructural development, social investments, or economic diversification, the government continues to squander Nigeria’s future on frivolous projects and opaque contracts," the statement continued.
The PRP also raised concerns over the National Assembly’s insertion of over 11,000 projects worth N6.93 trillion into the 2025 national budget.
"While this may appear as an effort to address national needs, the significant question remains: how many of these projects will be genuinely implemented and effectively serve the Nigerian people?"
"Past experiences have shown that budget allocations often do not translate into tangible development, especially when coupled with pervasive corruption and mismanagement."
Citing recent figures from key revenue-generating agencies, the PRP argued that Nigeria has the capacity to fund its development internally.
"The Federal Inland Revenue Service (FIRS) generated N21.6 trillion in 2024, surpassing its initial target of N19.4 trillion by 11.34%. The Nigeria Customs Service (NCS) also recorded a substantial increase, generating ₦6.1 trillion in 2024 — a 90.4% rise compared to ₦3.2 trillion in 2023."
"Additionally, four agencies under the Marine and Blue Economy sector—the Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Shippers Council (NSC), Nigerian Ports Authority (NPA), and the National Inland Waterways Authority (NIWA)—collectively generated revenue of over ₦850 billion in 2024."
"These figures demonstrate Nigeria’s potential for robust internally generated revenue if corruption is tackled and compliance improved."
"It is also crucial to recall that the removal of oil and dollar subsidies by President Tinubu was justified as a move to free funds for infrastructure and economic growth. Yet, Nigerians are now enduring increased hardship without tangible benefits."
"Instead of seeing the promised growth, the suffering persists even as the government borrows more than previous regimes that paid subsidies. The question remains: where did the funds from subsidy removal go, and what benefits have Nigerians truly gained?"
The PRP called on lawmakers to "exercise their constitutional duty with patriotism and integrity" and reject the President’s loan request.
"We call on the National Assembly, as representatives of the Nigerian people, to exercise their constitutional duty with patriotism and integrity. Out of a genuine sense of national interest, we urge you to reject President Tinubu’s latest loan request outright. Nigeria cannot afford to deepen its debt crisis, nor can we continue to be a nation whose resources are looted and mismanaged."