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 Council approved the borrowing plan for projects across all 36 states. Tinubu stated that the funds would help mitigate the damage caused by removing fuel subsidies.
Nigeria's public debt increased by 48.6 percent in 2024 to reach 144.66 trillion naira. The federal government owes 95 percent of this massive debt burden. Total debt could exceed 180 trillion naira if lawmakers approve the new borrowing requests. The proposed bond issue would repay pension system backlogs that have accumulated over the years. SERAP believes that this debt level significantly threatens Nigeria's economic future.
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 Council approved the borrowing plan for projects across all 36 states. Tinubu stated that the funds would help mitigate the damage caused by removing fuel subsidies.
Nigeria's public debt increased by 48.6 percent in 2024 to reach 144.66 trillion naira. The federal government owes 95 percent of this massive debt burden. Total debt could exceed 180 trillion naira if lawmakers approve the new borrowing requests. The proposed bond issue would repay pension system backlogs that have accumulated over the years. SERAP believes that this debt level significantly threatens Nigeria's economic future.
