Tinubu Is Borrowing Nigeria Away — Ali Ndume Raises Fresh Questions Over $9.45bn Loans
Nigeria’s mounting debt burden has once again become a major political talking point, following fresh criticism from Senator Ali Ndume over the borrowing activities of President Bola Ahmed Tinubu’s administration.
Ndume, an All Progressives Congress (APC) senator representing Borno South, accused the Tinubu administration of borrowing billions of dollars for projects he described as questionable, arguing that Nigerians deserve greater transparency over how the funds are being obtained and spent.
According to Ndume, the loans he identified amount to $9.45 billion, covering a series of borrowings between 2023 and 2024.
His breakdown included $500 million for a women-focused programme, $800 million intended to cushion the impact of increased petroleum-product prices, $700 million for adolescent-girl initiatives, $750 million for renewable-energy expansion, $1.5 billion for economic stabilisation and another $750 million for technical support and assistance to vulnerable Nigerians.
Ndume questioned whether all the borrowing had received the necessary legislative approval, saying that, to his knowledge, some of the loans were not approved by the National Assembly. The Presidency, however, rejected his broader allegations, insisting that the loans were legitimate and that Ndume’s claims lacked factual basis.
That disagreement raises an important question beyond partisan politics: How much has Nigeria borrowed, what exactly has each loan financed, and what measurable benefits have Nigerians received in return?
The question is particularly significant because the Tinubu administration came into office promising major economic reforms, including the removal of the petrol subsidy.
President Tinubu announced the removal of the subsidy on May 29, 2023, arguing that the policy had become financially unsustainable. The decision dramatically increased petrol prices and shifted a significant fiscal burden away from the Federal Government. The administration has subsequently maintained that subsidy removal has generated substantial fiscal savings and created room for increased government spending and investment.
But for ordinary Nigerians, the central issue remains accountability.
If subsidy payments have been eliminated and government revenues have increased, citizens are entitled to ask where the savings have gone, how much has actually been saved, how the money has been allocated and whether the benefits are reaching households struggling with food, transportation, housing and energy costs.
This scrutiny becomes even more relevant against the backdrop of Nigeria’s rising debt.
Available data show that Nigeria’s external debt increased from about $43.16 billion in June 2023 to $54.52 billion by June 2026, while total public debt reached approximately ₦166.79 trillion by the end of June 2026.
The scale of borrowing is also illustrated by World Bank financing. Between June 2023 and June 2026, the World Bank approved approximately $11.4 billion in financing for Nigeria, according to a review of World Bank approvals.
Meanwhile, debt servicing is consuming a significant portion of government resources. BudgIT estimates that the 2026 budget provides about ₦15.81 trillion for debt servicing, representing roughly 45% of projected government revenue.
This is why Ndume’s warning deserves public scrutiny, even where his figures or interpretation are disputed.
Borrowing is not inherently bad. Governments borrow to finance infrastructure, stimulate economic activity and respond to crises. The real question is whether borrowed money produces sufficient economic and social returns to justify the debt burden placed on future generations.
And that is where the political argument becomes uncomfortable.
Nigerians are being asked to endure higher fuel prices, elevated living costs and painful economic adjustments while the government continues to access large amounts of borrowed money.
At the same time, public figures associated with the political establishment continue to attract attention over major donations and philanthropic spending. The question is therefore not whether individuals have the right to donate money, but whether Nigerians can reasonably demand the same level of transparency from government when billions of dollars are borrowed in their name.
The issue is simple: Nigerians deserve to know where the money is coming from, where it is going and who ultimately benefits.
If the Tinubu administration can demonstrate that every dollar borrowed is properly authorised, transparently accounted for and invested in projects that improve Nigerians’ lives, it should publish the evidence and put the controversy to rest.
But if billions are being borrowed without clear accountability, Nigerians have every right to demand answers.
The political slogan may be “renewed hope.” But for millions of Nigerians facing the consequences of economic hardship, the more immediate question is: How much debt will be left behind when this administration is gone?
That is the question Ali Ndume’s allegations have once again placed at the centre of Nigeria’s political conversation.
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