The Socio-Economic Rights and Accountability Project (SERAP) has urged the National Assembly to reject the Bola Tinubu-led administration’s fresh request to borrow $24 billion, citing concerns over Nigeria’s rapidly escalating debt profile.
Tinubu had asked the National Assembly to approve a fresh $21.5 billion external loan and a ₦758 billion domestic bond to fund key sectors and settle outstanding pension liabilities.
The requests were contained in separate letters sent to both the Senate and the House of Representatives, and read during plenary sessions on Tuesday.
According to Tinubu, the loan will be used to finance critical projects in infrastructure, health, education, and water supply across the country.
In a statement released on Wednesday, SERAP warned that approving the new loan would increase the country’s total public debt to an alarming ₦183 trillion, a level the organisation described as clearly unsustainable and not in the public interest.
READ MORE: Tinubu Writes National Assembly to Speedily Approve Fresh $21.5bn External Loan
“The National Assembly must immediately refuse to approve the Tinubu administration’s request to borrow $24bn, which is expected to increase Nigeria’s debt to N183tn. The growing national debt is clearly not sustainable, and not in the public interest, the statement read.
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