The Makinde-Daura Presidential Campaign Organisation (MDPCO) has called for a halt to President Bola Tinubu’s proposed foreign borrowing of $20.5 billion and €1.04 billion, arguing that Nigeria should account for existing debts before taking on additional obligations.
The organisation’s objection, announced in a statement dated October 28, 2026, centres on what it described as a lack of measurable development from previous loans and the absence of a credible plan to repay accumulated debt.
Its Director of Strategic Communications, Richard Nnanna Ihediwa, put the proposed borrowing at ₦27.52 trillion and ₦1.558 trillion, respectively, and urged the National Assembly to reject the request. He also asked Tinubu to withdraw it, questioning the timing ahead of the 2027 general election.
The MDPCO cited public debt of ₦166.7 trillion and warned that further borrowing could place a heavier burden on Nigerians, particularly younger generations. It challenged the government to provide greater transparency on how earlier loans had been spent and what they had delivered.
Among the examples it raised were loans for electricity-sector recovery, institutional strengthening, women’s empowerment, conditional cash transfers and economic stabilisation. The organisation also pointed to borrowing plans for healthcare, education and human-capital development, as well as funding from the African Development Bank.
It questioned whether these loans had produced results commensurate with their scale, particularly in electricity supply and household welfare.
The group also criticised the progress of projects linked to earlier borrowing approvals. It cited a 2025 Senate-approved plan involving $21.19 billion, €4 billion and ¥15 billion, including $3 billion earmarked for the Eastern Railway Corridor between Port Harcourt and Maiduguri. The MDPCO claimed the railway project had yet to show tangible progress.
It further referenced Senate approvals in April 2026 for $6 billion to modernise ports and $1.5 billion for early-childhood development and household prosperity.
To reinforce its warning, the organisation drew a comparison with Egypt under Khedive Isma’il, who ruled from 1863 to 1879. It argued that reliance on foreign loans and extravagant spending contributed to a debt crisis that weakened Egypt’s financial independence.
“Nigeria is nobody’s personal fiefdom!” the organisation declared, urging lawmakers to act in what it described as the national interest.
The MDPCO also promoted the RESET NIGERIA Agenda of Allied People’s Movement presidential candidate, Engr. Seyi Makinde, presenting it as an alternative focused on economic management, national self-sufficiency, restructuring and sustainable development.
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