The Makinde-Daura Presidential Campaign Organisation (MDPCO) has raised concerns over President Bola Tinubu’s plans to secure fresh foreign loans totaling approximately $20.5 billion and €1.04 billion. In a statement issued on October 28, 2026, MDPCO’s Director of Strategic Communications, Richard Nnanna Ihediwa, expressed worry that continued borrowing could burden future generations and potentially limit their opportunities. According to the Vanguard News, this criticism comes as Tinubu seeks to secure these funds to address Nigeria’s infrastructure needs.
The MDPCO’s statement also warned that such borrowing could lead to a situation similar to Egypt under Khedive Isma’il, referring to a period of heavy foreign debt and economic instability. This comparison was reported by the Independent Newspaper Nigeria.
Tribune Online corroborated the MDPCO’s stance, reporting that the campaign organisation has rejected Tinubu’s requests for the said loans.
This is a developing story, and it remains unclear whether Tinubu has provided details on the terms and conditions of these proposed loans or the specific countries that would be lending to Nigeria. The Nigerian Presidency has yet to respond to the MDPCO’s statement.
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