PRP reacts as Tinubu makes live difficult for Nigerians with Fresh loan

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The Peoples Redemption Party (PRP) has urged President Bola Tinubu to cease actions that they believe are jeopardizing the country’s future.

This appeal was made by the party’s National Chairman, Falalu Bello, in a statement released on Thursday, in response to the President’s request for approval to secure a new $24 billion loan.

Bello strongly criticized the continuous accumulation of debt without transparency or tangible results. He alleged that a significant portion of the borrowed funds is misappropriated by officials within the current administration, worsening poverty levels and leaving future generations with unmanageable financial burdens.

He argued that rather than investing borrowed resources in crucial infrastructure, social programs, or efforts to diversify the economy, the government is instead misusing them on non-essential projects and unclear contractual agreements.

Bello pointed out that recent financial reports from various federal agencies suggest there is strong potential for generating revenue locally. He maintained that if properly managed, this could reduce the country’s reliance on external loans.

He called on the National Assembly to act with a sense of national duty and reject the new loan proposal, warning that further borrowing would only escalate the nation’s debt problem.

Bello concluded by asserting that Nigerians are entitled to a government that upholds transparency, manages public funds responsibly, and prioritizes the well-being of its people. He demanded an immediate stop to what he described as irresponsible financial practices.

“We are profoundly alarmed and deeply disappointed by the current trajectory of Nigeria’s reckless borrowing spree under the administration of President Bola Ahmed Tinubu.

“As Nigeria’s total public debt soars to an unprecedented N144.7 trillion (approximately $94.2 billion), with nearly half of it external, the nation’s future is increasingly being mortgaged to foreign creditors — all while the citizenry continues to suffer from neglect, poverty, infrastructural decay, and insecurity.

“The Federal Inland Revenue Service, FIRS, generated N21.6 trillion in 2024, surpassing its initial target of N19.4 trillion by 11.34%. The Nigeria Customs Service, NCS, also recorded a substantial increase, generating N6.1 trillion in 2024 a 90.4% rise compared to N3.2 trillion in 2023,” he stated.

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