PDP Challenges FG on N149 Trillion Borrowings Impact

The Interim National Working Committee (INWC) of the Peoples Democratic Party (PDP), led by Dr Tanimu Turaki, has challenged the Federal Government to explain the benefits of its N149 trillion borrowings, as Nigeria's total debt has reached N159 trillion according to the Debt Management Office (DMO). The PDP expressed concern over the rising debt under the All Progressives Congress (APC)-led administration of President Bola Tinubu, arguing that there has been insufficient development to justify the loans.

The INWC's position document, sourced by the Nigerian Tribune, critiques the economic strategy of the Tinubu administration, suggesting that borrowing has become a substitute for addressing revenue and expenditure issues. The document highlights that Nigeria's public debt stood at approximately N159.35 trillion as of March 31, 2026, with a significant portion of the increase attributed to naira depreciation.

The PDP also noted that Nigeria is projected to spend about $11.6 billion on debt servicing in 2026, raising concerns about the sustainability of the government's borrowing strategy.