A Nigerian rights group has urged the National Assembly to reject a new $24 billion loan request by President Bola Tinubu’s administration, warning it could deepen the country’s already severe debt crisis.
The Socio-Economic Rights and Accountability Project (SERAP) made the call in a statement shared on social media, saying the proposed borrowing would raise Nigeria’s total debt to an estimated ₦183 trillion, a level it described as unsustainable and not in the public interest.
“The National Assembly must immediately refuse to approve the Tinubu administration’s request to borrow $24 billion,” the group said.
SERAP warned that debt servicing is already taking up a significant share of government revenue and argued that adding more loans would worsen the country’s financial challenges.
Recall that President Tinubu had yesterday asked the National Assembly for permission to borrow over $21.5 billion from foreign sources and to issue domestic bonds worth ₦757.9 billion. The funds, according to his proposal, would be used for key sectors including transport, healthcare, education, water supply, security, agriculture, and job creation.
The loan request also includes €2.19 billion, 15 billion Japanese Yen, and a €65 million grant. Tinubu said the funds would help support development projects across Nigeria’s 36 states and the Federal Capital Territory.
He added that the domestic borrowing component would go toward clearing pension backlogs under the Contributory Pension Scheme, which had accumulated due to past revenue shortfalls.
Nigeria’s debt has increased sharply in recent years. In 2024, it rose by nearly 49% to ₦144.66 trillion, up from ₦97.34 trillion in 2023. The federal government accounts for 95% of this figure.
Despite government assurances that the borrowing will support economic recovery and development, groups like SERAP are urging greater caution and transparency.