SDP Demands Accountability as Concerns Mount Over ₦158 Trillion Loans and 2027 Spending

The Social Democratic Party (SDP) has called on the administration of Bola Ahmed Tinubu to provide a detailed account of over ₦158 trillion in foreign loans allegedly secured within the last three years. The party also raised concerns that recently approved loans by the National Assembly could be misapplied or diverted for political purposes ahead of the 2027 general elections.

Speaking at a press conference in Abuja, SDP National Chairman Sadiq Abubakar Gombe questioned the transparency surrounding the country’s borrowing, stating that there is little visible evidence that the funds have been channelled into meaningful infrastructure development. The party emphasised the need for accountability in the management of public finances at a time of increasing economic pressure on Nigerians.

Calls for Transparency in Public Debt Management

Gombe described the scale of borrowing as unprecedented, urging the Federal Government to provide full disclosure on how the funds have been utilised. He raised critical questions regarding the allocation of the loans, including which projects they have funded and their measurable impact on citizens’ welfare.

The SDP also called for the publication of details relating to recovered public funds, including the amounts recovered, where they are held, and how they have been spent. According to the party, such disclosures are consistent with global best practices and are essential for rebuilding public trust in governance.

These demands follow the recent approval by the National Assembly of an additional $6 billion external loan request submitted by the President. The party warned that Nigeria cannot afford a repeat of past cycles characterised by opaque borrowing and insufficient accountability.

Concerns Over Governance, Security, and Political Priorities

Beyond fiscal issues, the SDP expressed dissatisfaction with the government’s handling of national security. Gombe criticised what he described as inadequate responses to recent incidents of violence in various parts of the country, stressing that the protection of lives and property remains a fundamental constitutional duty.

The party also cautioned against the growing influence of political considerations on governance, particularly as the 2027 elections approach. Araba Rufus Aiyenigba noted that excessive borrowing without visible development outcomes risks undermining economic stability and public confidence.

Similarly, Ugochukwu Uba reiterated the need for the government to prioritise infrastructure, security, and economic reforms over political manoeuvring, warning that governance should not be overshadowed by early election activities.

SDP Positions Itself for 2027 Elections

The SDP reaffirmed its readiness to participate actively in the 2027 general elections, presenting itself as a credible alternative to existing political structures. Gombe stated that the party remains open to all eligible aspirants, including those interested in contesting the presidency.

He assured Nigerians that the party’s nomination process would be transparent, free, and credible, encouraging broader participation from citizens seeking to contribute to national development. The party also used the opportunity to invite Nigerians to join its ongoing membership registration drive.

In response to speculation about political alliances, the SDP dismissed claims of alignment with the ruling All Progressives Congress (APC), describing such assertions as unfounded and reiterating its independence.