The Allied Peoples Movement (APM) has condemned President Bola Tinubu’s request for fresh foreign loans totalling $20.52 billion and €1.045 billion, warning that Nigeria risks plunging into a debt crisis that could threaten generations yet unborn.

The Makinde-Daura Presidential Campaign Organisation (MDPCO), operating under the APM, said the proposed borrowing was troubling amid concerns over the country’s existing debt obligations and the absence of demonstrable development commensurate with previous loans.

In a statement issued on Wednesday by its Director of Strategic Communications, Richard Ihediwa, the organisation accused the Tinubu administration of accumulating domestic and external debts without adequate transparency, a credible repayment plan or corresponding improvements in Nigerians’ living conditions.

It argued that successive administrations had justified foreign borrowing on the grounds of infrastructure development, critical projects and budget financing, yet the country continued to experience economic hardship and inadequate public services.

“The nation’s insatiable appetite for foreign loans has reached alarming proportions. Every well-meaning Nigerian should be concerned about a government that continues to accumulate debts without demonstrating corresponding development, transparent utilisation of funds or a credible repayment plan,” the statement said.

The organisation also questioned how the government had financed overlapping budget cycles, insisting that the administration should account for the proceeds of previous loans before seeking additional credit facilities.

Citing previous borrowings, the MDPCO recalled that the Tinubu administration secured a $750 million World Bank loan under the Power Sector Recovery Performance programme in 2023, aimed at improving electricity supply nationwide.

It also referenced a $500 million loan obtained in June 2023 for institutional strengthening and women’s empowerment, asking the government to disclose the number of women who had benefited and the measurable outcomes achieved.

The group further cited an $800 million loan for conditional cash transfers in July 2023 and another $700 million facility secured in September of the same year, demanding transparency over the implementation and impact of the programmes.

Drawing a historical comparison, the organisation warned that Nigeria could face a crisis similar to that experienced by Egypt under Khedive Isma’il in the 19th century, when ambitious spending and dependence on foreign borrowing contributed to a severe debt crisis and the erosion of the country’s financial independence.

It said the experience should serve as a warning against excessive borrowing without a sustainable economic strategy, productive investments and accountability for public funds.

“It is unfortunate that President Tinubu is leaving behind a legacy of mounting debt rather than productive investments, shared prosperity and economic stability,” the statement added.