The Makinde-Daura Presidential Campaign Organisation (MDPCO) below the platform of the Allied Peoples Movement (APM) has condemned President Bola Ahmed Tinubu’s newest request for recent international loans totalling $20.52 billion and €1.045 billion.
The marketing campaign additional warned that Nigeria dangers being engulfed in financial disaster like that of Egypt below Khedive Isma’il within the nineteenth century.
In a assertion by its Director of Strategic Communications, Richard Ihediwa, on Wednesday, MDPCO described the newest borrowing request, as troubling, notably amid issues over the federal government’s present debt obligations.
The marketing campaign organisation accused the current administration of recklessly accumulating home and exterior money owed with out commensurate improvement or a credible compensation plan, warning that the rising debt burden threatens Nigeria’s financial sovereignty and the way forward for generations yet unborn.
APM argued that successive administrations have justified international borrowing on the grounds of infrastructure improvement, crucial initiatives and funds financing, yet Nigerians have continued to grapple with worsening financial hardship and insufficient public providers.
MDPCO additionally questioned how the current administration’s overlapping funds cycles had been funded, arguing that the federal government should account for the proceeds of earlier loans earlier than looking for additional credit score amenities.
“The nation’s insatiable appetite for foreign loans has reached alarming proportions. Every well-meaning Nigerian should be concerned about a government that continues to accumulate debts without demonstrating corresponding development, transparent utilisation of funds or a credible repayment plan,” the assertion mentioned.
The marketing campaign recalled that in 2023, the Tinubu administration secured a $750 million World Bank mortgage below the Power Sector Recovery Performance programme, meant to enhance electrical energy provide nationwide.
The MDPCO additional cited a $500 million mortgage secured in June 2023 for institutional strengthening and girls’s empowerment, asking the federal government to disclose the variety of girls who had benefited and the measurable outcomes achieved.
It additionally listed an $800 million mortgage for conditional money transfers in July 2023 and one other $700 million facility in September of the identical 12 months, demanding higher transparency over the implementation and impression of the programmes.
While drawing a historic parallel, the MDPCO warned that Nigeria might undergo a destiny related to that of Egypt below Khedive Isma’il, whose formidable spending and dependence on international borrowing contributed to a extreme debt disaster and the erosion of the nation’s monetary independence within the nineteenth century.
The organisation mentioned the comparability ought to function a warning in opposition to extreme borrowing with out a sustainable financial technique, productive investments and clear accountability for public funds.
“It is unfortunate that President Tinubu is leaving behind a legacy of mounting debt rather than productive investments, shared prosperity and economic stability,” the assertion mentioned.
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