NLC challenges Tinubu’s latest request for foreign loans

The Nigeria Labour Congress (NLC) has criticised President Bola Tinubu’s request for parliamentary approval to obtain fresh external loans of $20.5 billion and €1.45 billion. NLC president Joe Ajaero questioned continued borrowing when the government says petrol subsidy removal has increased revenue and crude oil is selling above $100 a barrel, compared with the 2026 budget benchmark of $70. He warned that the loans would add to the country’s debt burden and called for greater transparency, while noting that the NLC itself cannot approve or reject government borrowing. Ajaero said the National Assembly could block the request by rejecting it.