The Makinde-Daura Presidential Campaign Organisation (MDPCO) has told President Bola Tinubu to withdraw his request for fresh foreign loans of about $20.5 billion and €1.04 billion, warning that Nigeria is piling debt on the backs of generations yet unborn.
In a statement dated October 28, 2026, and signed by its Director of Strategic Communications, Richard Nnanna Ihediwa, the campaign group put the proposed borrowing at ₦27.52 trillion and ₦1.558 trillion respectively, and called on the National Assembly to reject the request outright, according to Vanguard.
The MDPCO's Warning
The organisation did not mince words. It said the government has yet to show Nigerians how previous loans translated into development, or how the country plans to repay what it already owes. It cited a public debt stock of ₦166.7 trillion.
The statement also questioned the timing of the request, coming ahead of the 2027 general election, and demanded full transparency on how borrowed funds have been spent so far.
The group put it bluntly.
Nigeria is nobody's personal fiefdom!
A Long Queue of Loans
To back its argument, the MDPCO listed a string of loans secured or approved since Tinubu took office. The list reads like a receipt Nigerians never asked for.
- A $750 million World Bank loan in June 2023 under the Power Sector Recovery Performance programme, meant to improve electricity supply.
- A separate $500 million for institutional strengthening and women's empowerment.
- An $800 million loan in July 2023 for conditional cash transfers, followed by another $700 million in September that year.
- A $2.25 billion loan in June 2024 for economic stabilisation and transformation.
- A $1.57 billion borrowing plan in 2025 for healthcare, education and human-capital development, plus a separate $500 million from the African Development Bank.
The organisation also referenced a 2025 Senate-approved borrowing plan of $21.19 billion, €4 billion and ¥15 billion, which included $3 billion for the Eastern Railway Corridor linking Port Harcourt to Maiduguri. That corridor, the group said, has yet to record tangible progress.
It further cited Senate approvals in April 2026 of $6 billion for port modernisation and $1.5 billion for early-childhood development and household prosperity.
Where Are the Results?
The MDPCO's core question is simple: after all these billions, why is the average Nigerian still buying fuel at punishing prices, running generators at home, and watching the naira struggle?
The group said Nigerians have yet to see improvements in electricity supply, economic stability or household welfare that match the scale of the borrowing. It rejected the government's standard explanations that loans are needed for infrastructure, critical projects and budget deficits, and demanded evidence instead of promises.
Everyone Is Saying the Same Thing
The MDPCO is not alone in raising the alarm. Atiku Abubakar and the African Democratic Congress have also rejected the fresh loans, warning that excessive dependence on foreign creditors could expose Nigeria to mounting debt-servicing obligations, constrain future governments' policy choices and undermine the country's economic sovereignty, according to LEADERSHIP Newspapers.
Retirees have joined the pushback too. The Association of Retired Members has rejected the $20.5 billion and €1.04 billion facilities, citing concerns over transparency, accountability and the long-term debt burden, The Guardian reported.
And the numbers keep getting scarier. Former Vice-President Atiku Abubakar has said Nigeria's external debt could top ₦200 trillion by year end, arguing that the new request vindicates his October 12 warning about a loan plan of up to $20 billion, according to allAfrica.com.
Within the ruling party's own orbit, voices are also asking hard questions. Daniel Agada has urged the government to freeze the loan until after the 2027 elections, asking pointedly whether any power, transport, health or education project can be completed in 100 days if the money is approved today, Daily Post Nigeria reported.
The Egypt Lesson
The MDPCO reached deep into African history for its sharpest argument. It compared Nigeria's borrowing trajectory with Egypt under Khedive Isma'il, who ruled from 1863 to 1879.
Egypt's dependence on foreign loans and extravagant spending, the group argued, produced a debt crisis that destroyed the country's financial independence and opened the door to foreign control. The lesson is written plainly in the history books: when an African state borrows beyond its means, the creditors do not send thank-you notes. They send conditions, and eventually they send administrators.
That is the sovereignty question at the heart of this debate. Every dollar borrowed is a piece of policy freedom signed away. Every debt-servicing obligation is a budget line that will outlive this administration and land on the desks of leaders not yet elected.
The Makinde Alternative
The MDPCO used the statement to pitch its candidate, Engr. Seyi Makinde of the Allied People's Movement (APM), whose RESET NIGERIA Agenda the group said offers a different path built on restructuring, economic opportunity, prosperity, national self-sufficiency and sustainable development.
The contrast the organisation drew is stark: one path runs through foreign creditors and mounting obligations, the other through domestic production and accountable management of what Nigeria already has.
FAQ
How much is Tinubu asking to borrow?
The request covers about $20.5 billion and €1.04 billion, which the MDPCO calculated at ₦27.52 trillion and ₦1.558 trillion respectively.
What is Nigeria's current public debt?
The MDPCO cited a public debt figure of ₦166.7 trillion, and Atiku Abubakar has warned external debt alone could exceed ₦200 trillion by the end of the year.
What does the MDPCO want?
The group wants Tinubu to withdraw the borrowing request and wants the National Assembly to reject it, pending transparency on how previous loans were spent.
Who is the MDPCO backing for president?
The organisation supports APM presidential candidate Engr. Seyi Makinde and his RESET NIGERIA Agenda.