PDP Criticizes Tinubu’s New Borrowing Plan, Questions Subsidy Removal Benefits.
The Peoples Democratic Party (PDP) has condemned President Bola Tinubu’s recent request to borrow $21.5 million and ¥15 billion, along with a €65 million grant from international financial institutions. The party describes this move as contradictory and harmful to Nigeria’s economic future.
President Tinubu submitted the loan request to the National Assembly last Tuesday, seeking legislative approval for the external funding as part of the Medium-Term Expenditure Framework (MTEF) for the 2025–2026 fiscal period.
However, many Nigerians have voiced their concerns about this loan request. Critics, including economists and civic advocates, have questioned the necessity of external borrowing, especially following the removal of fuel subsidies—a policy that was expected to generate resources for domestic development.
They argue that eliminating the subsidy should have created financial space to meet the nation’s needs without resorting to additional borrowing. Others express worries about Nigeria’s increasing debt burden and the long-term implications for future generations.
At a press conference on Wednesday, PDP National Publicity Secretary Debo Ologunagba questioned both the justification for the new borrowing and the earlier elimination of the fuel subsidy, which the government claimed would ease fiscal pressure and reduce reliance on loans.
“Just last week, the president requested a $24.5 billion loan, stating that the funds would be used to cushion the effects of subsidy removal. We were informed that subsidy removal would eliminate the need for borrowing, providing more funds for programs to alleviate the pain caused by the subsidy. So, the question arises: where is the money if you are now borrowing to mitigate the effects of the subsidy removal two years later?” he said.
Ologunagba also highlighted that the policy inconsistencies have left many Nigerians enduring worsening economic conditions.
“Many people have suffered and even died due to this government’s irresponsibility. That’s why we are here. They claim part of the borrowed money will be used to support pensioners, but pensions are based on contributions. So, where is that money?” he asked.
Furthermore, the PDP spokesperson criticized the National Assembly for failing in its oversight responsibilities.
He emphasized that the opposition is not merely critiquing for political purposes but is genuinely seeking better governance.
“The National Assembly should question these actions, but they have typically acquiesced to whatever the president proposes. These are the issues that Nigerians will challenge in 2027.
“Let it be clear that our goal is not just to oppose the government for criticism’s sake. It is in everyone’s interest for Nigeria to succeed, allowing all citizens to benefit. It is crucial for the government to remain open to alternative perspectives that can help us build a nation where everyone can seek happiness,” Ologunagba concluded
