By Temidire Adefolarin
The Nigeria Democratic Congress (NDC) has warned that Nigeria's increasing dependence on external borrowing could leave future generations burdened with debts, calling on citizens to use the 2027 general elections to demand a change in the country's economic management.
The party's position follows President Bola Tinubu's request for National Assembly approval of a fresh $7.7 billion external borrowing plan, estimated at approximately ₦10.79 trillion, to support the financing of the 2026 budget deficit.
In a statement issued by its National Presidential Campaign Council spokesperson, Dr Chiogo Constance Ikokwu, the NDC expressed concern over what it described as the government's persistent borrowing pattern, arguing that the country's economic future should not be compromised by mounting debt obligations.
The party maintained that the proposed loan was another indication of Nigeria's growing debt exposure and questioned the legislature's willingness to scrutinise the administration's borrowing requests.
Describing the situation as a recurring cycle of fresh loans, Ikokwu accused the National Assembly of failing to provide adequate oversight, alleging that lawmakers had increasingly become a rubber-stamp institution for the executive.
She argued that Nigerians might have limited influence over the current borrowing decisions but could exercise their democratic power to determine the country's leadership in 2027.
The NDC therefore appealed to voters to participate actively in the forthcoming elections, urging them to support its presidential candidate, Peter Obi, and his running mate, Rabiu Musa Kwankwaso, in the January 16, 2027 presidential election.
Drawing comparisons with the November 4, 2026 elections in the United States, Ikokwu said Nigerians should learn from the willingness of American voters to participate in the democratic process despite facing economic difficulties and rising living costs.
She argued that rather than surrendering to frustration, citizens should recognise elections as an opportunity to influence government policies and hold political leaders accountable.
According to her, the ballot remains the most effective democratic instrument available to Nigerians seeking responsible leadership and better management of public resources.
Ikokwu said: “Truly, it seems that right now, we cannot stop President Tinubu from his One Week! New Loan! One Week! New Loan! borrowing spree, which is already hitting the roof, because, regrettably, he has pocketed the National Assembly. We seem to have a rubber-stamp legislature that, before a loan request formally gets to its desk, it has already been endorsed.
“But Nigerians should not despair. The ballot remains our most powerful instrument of change. We appeal to citizens to use their votes to rescue the country from this debt trap and entrust its future to a government committed to transparency, accountability and prudent management of public resources.”
The party also maintained that Nigeria's development priorities should not be financed through borrowing arrangements that could create unsustainable repayment obligations for generations yet unborn.
It called for greater transparency in public spending, stronger legislative oversight and responsible fiscal policies, insisting that the country's resources must be managed in the interest of ordinary Nigerians.
The NDC urged eligible voters not to stay away from the 2027 elections, describing the exercise as an important opportunity to determine the nation's economic direction and political future.
Temidire Adefolarin
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