The Social Democratic Party (SDP) has called on the administration of President Bola Ahmed Tinubu to provide a detailed account of over ₦158 trillion in foreign loans reportedly secured over the past three years.
Addressing a press conference in Abuja, SDP National Chairman, Sadiq Abubakar Gombe, expressed concern that recently approved loans by the National Assembly could be misapplied or diverted for political purposes ahead of the 2027 general elections.
Gombe described the scale of borrowing as unprecedented, noting the lack of visible evidence that a significant portion of the funds had been invested in infrastructure. “The key questions remain: Where are the borrowed funds? What projects have they been used for, and how have they improved the lives of Nigerians?” he asked.
The SDP urged the Federal Government to publish details of all recovered funds, including amounts, storage, and utilisation, in line with global best practices. The call comes after the National Assembly approved an additional $6 billion external loan request submitted by the President.
On national security, Gombe criticised the government’s handling of rising insecurity, citing recent violent incidents and calling for decisive action to protect lives and property.
The party also reiterated its readiness for the 2027 elections, assuring that its nomination process will be transparent, credible, and open to all eligible aspirants, including presidential candidates. SDP officials dismissed claims of alignment with the ruling All Progressives Congress.
SDP National Publicity Secretary, Araba Rufus Aiyenigba, warned that Nigeria’s heavy borrowing has not translated into visible development and stressed that governance must not be overshadowed by political activities ahead of 2027.
Deputy National Chairman (South), Ugochukwu Uba, described the party as a credible alternative, promising policies grounded in transparency, accountability, and good governance.
No The SDP encouraged citizens to participate in its ongoing registration drive to help shape Nigeria’s political future.