SERAP wants lawmakers to reject President Tinubu's 24 billion dollar loan request completely. The advocacy group posted its concerns on social media about Nigeria's growing debt problems. They warned the new borrowing would push total debt to 183 trillion naira. This amount cannot be sustained, and it severely damages the country's financial health. Government revenue already goes mostly toward paying existing debt service costs.
President Tinubu requested approval from lawmakers to borrow $ 21.5 billion from foreign lenders. He also wants permission to issue 757.9 billion naira in domestic bonds. The money would fund infrastructure, healthcare, farming, schools, water systems, security, and job creation programs. The Federal Executive...