The presidential candidate of the Young Progressives Party, YPP, Arch. Peter Agada, has called on the National Assembly to suspend President Bola Tinubu’s fresh foreign loan request until after the 2027 general elections.
Agada made the call in Abuja on Wednesday in response to Tinubu’s request to the Senate for approval to borrow $20.52 billion and €1.045 billion to finance supplementary external borrowing for 2026 and 2027.
He expressed concern over the timing of the request, coming less than 110 days before the 2027 general elections, amid Nigeria’s rising public debt.
“We must account for how previous loans were spent before asking for approval to borrow more,” Agada said.
“Now we want to add another $21.7bn less than 110 days before the 2027 general election,” he said.
He argued that the government had yet to fully fund its budgets, while capital budget performance remained below 40 per cent and contractors were still being owed.
“For three years, the Federal Government has been unable to fully finance its budget. Capital performance is below 40 per cent.
“Contractors are being owed. Yet we are borrowing more. In Architecture, you don't borrow to build a new house when you have not roofed the old one,” he said.
The YPP candidate also questioned why the government continued to seek large foreign loans despite the removal of fuel subsidy and the floating of the naira, which he said had increased government revenue.
Agada questioned how the savings from fuel subsidy removal had been utilised, noting that Emir Sanusi and other leaders had also raised concerns over the issue.
He further questioned what the proposed loan would achieve before the elections, arguing that major infrastructure projects could not be completed within the remaining period.
“If you approve $20.5bn today, can you complete any power, transport, health or education project in 100 days? No. So what will this money actually do? Pay contractors who are party financiers? Fund election logistics?” he asked.
Agada proposed that if the National Assembly approved the loan, it should include a clause preventing the government from accessing the funds between January and May 2027.
“If you must approve this loan, insert a clear clause: No disbursement from January 2027 to May 2027. The money should come after the election, to whoever wins, not before to the incumbent. That is how you prove it is not political,” he said.
He also warned that the fresh borrowing could send mixed signals to investors, particularly as the government continued to promote its economic reforms.
Agada proposed measures he said could save Nigeria more than ₦13 trillion annually without relying on fresh borrowing or additional taxes.
Freeze Tinubu’s $21.7bn loan until after 2027 elections - Agada