MDPCO warns against fresh $20.5bn foreign loan

The Makinde-Daura Presidential Campaign Organisation (MDPCO) opposes Bola Tinubu’s plan to obtain new foreign loans of about $20.5 billion and €1.04 billion. In a statement signed on October 28, 2026, by Richard Nnanna Ihediwa, it urged the president to withdraw the request and the National Assembly to reject it, citing public debt of ₦166.7 trillion and a lack of demonstrated development gains or a credible repayment plan. The group listed loans secured under Tinubu for electricity, cash transfers, economic stabilisation and infrastructure, and questioned their tangible impact. It said the $3 billion allocation for the Eastern Railway Corridor from Port Harcourt to Maiduguri had yet to produce tangible progress.