The Social Democratic Party (SDP) has raised concerns over the Federal Government’s $6bn external borrowing request recently approved by the National Assembly, warning that Nigeria’s rising debt is not matched by visible development.
The party’s National Publicity Secretary, Rufus Aiyenigba, spoke at a press conference in Abuja on Thursday, expressing fears over the country’s fiscal outlook.
He said: “Nigeria’s debt profile is rising recklessly without any commensurate infrastructure to show for it.
“We in the SDP fear that the huge loans recently approved by the National Assembly may be deployed for political purposes ahead of the 2027 elections.
“We hope to be proven wrong, but governance has already taken the back seat, and Nigeria is now in full campaign mode. Everything revolves around 2027.”
The party described the current borrowing pattern as unsustainable, questioning its impact on key sectors.
He said: “From an economic standpoint, the borrowing pattern of this administration is alarming.
“The Buhari administration reportedly accumulated ₦83tn in borrowing over eight years.
“Yet in just three years, the current administration has borrowed ₦158tn, with no clear evidence of development to justify it.
“Why is it difficult to fund our security architecture?
“Why are our hospitals in such poor shape that even for basic ailments, leaders run abroad?
“Why can’t former leaders use the hospitals they claimed to have built?”
Aiyenigba also called for accountability in the use of borrowed funds, stressing the need for transparency.
He said: “When leaders obtain humongous loans in the name of the nation, they have a moral, constitutional, and fiduciary responsibility to explain to Nigerians what those funds have been used for.
“Nigerians deserve to know.
“This is standard global practice.
“It aligns with international debt management principles, where transparency and accountability are compulsory.
“Instead, what we see in Nigeria is the opposite.
“We have witnessed situations where loans were taken without due diligence, without proper scrutiny, and without meaningful engagement with the public.
“Within an unusually short period, loan requests were prepared, submitted, and approved—almost on the eve of an election year.
“This alone raises red flags.”
He further accused the government of prioritising politics over governance.
He said: “Over the past few months, governance in Nigeria has practically ceased.
“What we see is not leadership but frantic political manoeuvring—politicians receiving defectors, positioning loyalists, and consolidating power ahead of 2027.
“National development has stalled, while political scheming has become the central preoccupation.”
The SDP also demanded full disclosure on all loans and recovered public funds.
Meanwhile, the party’s National Chairman, Abubakar Gombe, dismissed claims that its presidential ticket was reserved for any aspirant.
He said: “As far as the party is concerned, the SDP is open to all Nigerians who are eligible to contest, not just the president, but all elective offices in the land as long as they meet all the criteria of the constitution.”
The party’s reaction follows the approval by the Senate of President Bola Tinubu’s request to secure fresh external loans totalling $6bn to address fiscal gaps and fund infrastructure projects.
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