The Nigeria Democratic Congress (NDC) has accused President Bola Tinubu's administration of burdening future generations with mounting debt, following a fresh request for a $7.7bn external loan to finance the 2026 budget deficit.
The opposition party warned that Nigeria risked falling into a debt trap if the Federal Government continued to rely on borrowing without addressing concerns about fiscal discipline and the management of public resources.
Tinubu recently asked the National Assembly to approve an external borrowing plan of $7.7bn, estimated at N10.79tn, to help finance the 2026 budget deficit.
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Reacting to the request, the party urged Nigerians to use the January 16, 2027 general election to demand accountability and reject what it described as unsustainable borrowing.
In a statement issued on Thursday, the National Presidential Campaign Council spokesperson of the NDC, Dr Chiogo Constance Ikokwu, accused the President of repeatedly seeking fresh loans.
"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," Ikokwu said.
She also criticised the National Assembly, alleging that lawmakers had failed to provide adequate scrutiny of the administration's borrowing requests.
The party spokesperson said Nigerians should not lose hope, arguing that the ballot remained the most effective means of changing the country's economic direction.
"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," she added.
Ikokwu called on Nigerians to vote for the party's presidential candidates, Peter Obi and Rabiu Kwankwaso, in the January 16 election.
She cited the November 4 elections in the United States as an example of how citizens could use their votes to influence political leadership despite economic hardship.
According to her, Nigerians facing rising living costs and economic difficulties should emulate Americans by participating actively in the democratic process rather than merely complaining about their circumstances.
The NDC maintained that the country's economic future should not be mortgaged through excessive borrowing and poor management of public funds.
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