SDLP Mid Ulster MLA Patsy McGlone made the call following contradictory positions from Sinn Féin on their plan to achieve transparency and accountability on the issue.
First Minister Arlene Foster has refused calls to step aside from her position while an inquiry is being carried out.
Mr McGlone said: "Sinn Féin are in complete disarray on how to respond to the biggest financial scandal in the history of devolution. At a time when the public needs strong leadership, they have met DUP arrogance with equivocation, confusion and weakness.
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"They rolled over on their threat of 'grave consequences' should the First Minister not resign her position. They are in the middle of rolling over on the need for an independent inquiry into this shambles. Today we saw their party chairperson attempt a u-turn in the space of a couple of hours with a revised statement. Mary Lou McDonald has yet to correct her call for a full independent inquiry to align herself with Northern Sinn Féin's latest media strategy.
"The public are wise to the Sinn Féin two-step. They know the difference between a transparent, independent inquiry and an internal probe carried out behind closed doors and vulnerable to interference from interested parties. They know now that Sinn Féin are in Arlene Foster's pocket and they will not tolerate a repeat of NAMA or Charter NI where again Sinn Féin gave the DUP a soft landing.
"Surrendering the demand for a judge-led public inquiry is surrendering the need for transparency, accountability and consequences for the loss of hundreds of millions in public money."
(CD/LM)
