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President Bola Tinubu has requested the approval of the National Assembly to secure multi currency loans amounting to $23.5 billion, 2.265 billion Euros, 1.5 billion yen, and N759.9 billion, totalling N45 trillion at today’s exchange rate.
In this report, some Nigerians cautioned the president over the loans request.
These loans can threaten Nigeria’s economic future – Dr Fanan Abigail, leader, Interfaith Dialogue; Makurdi
This significant borrowing could threaten Nigeria’s economic future and sovereignty. Rather than relying heavily on loans, improving the livelihoods of Nigerians could be achieved through more sustainable means, such as revenue generation, efficiently managing existing resources and revenue streams, enhancing tax collection to reduce revenue shortfalls, investments in infrastructure development – roads, energy, and transportation, investment in productive sectors like agriculture and entrepreneurship, tracking and recovering looted funds, economic diversification, and promoting local industries among others.
Nigeria is being put into more debts – Tim Nyor, publicity secretary, Benue PDP; Makurdi
With the major earnings accruing from subsidy withdrawal, we are disturbed that the APC led government of President Tinubu is putting the country into more debt. Most disturbing are the vague and irresponsible excuses put forward as the purpose of the loans.
The prudent management of resources and drastic cut in the cost of running government would countervail the need for excessive borrowing.
Loans are covered by 2025 Appropriation law – Ignatius Chukwu, veteran journalist; Port Harcourt
Nigerians react only when the request for a loan is submitted to the National Assembly. It’s a pity that even a section of the press reacts only when the request is put in. Loans are usually provided for in the annual budget plus in the Medium Term Financial Framework. It states the deficit in the budget and how it is expected to be filled, often by loans. It can also be by liquidation of national assets, etc. This year’s budget hoped to get N42 trillion revenue and N13 trillion deficits. This deficit that has been approved by law must be filled up, thus loans. Fighting the loans should be at the public hearing of the budget proposal. But Nigerians keep quiet and only shout about the allocations to sectors. When it’s time to close the deficit through loans, everybody begins to fight.
The budget also states what the money earned should be used for. By this implication, we have all approved the loans. The loans are covered by the Appropriation Law of 2025. The use of the loans is also covered by law. The only question is will they deploy the funds as appropriated? It is only the NASS that has the oversight power to confirm this. But, if they are compromised, who them oversees for the masses?
Loan request is in order – Olalekan Ige, public commentator; Port Harcourt
There is no crime in taking loans for as long as it is targeted at specific deliverables that can better the fortunes of Nigeria.
The best of economies across the world owe huge sums of money because they took loans to make their countries better. In fact, no serious-minded nation can expand without resorting to borrowing.
Tinubu should detail how to spend the loans – Israel Orekha, right activist; Benin
President Bola Tinubu should give an account of earlier borrowed loans. Borrowing is not a problem but when you are borrowing without a realistic plan is a big problem. When you are borrowing not for the people but for the sake of a selected few, it becomes a major concern.
He should first give an account of the ones he has earlier borrowed. What is the impact on Nigerians and how has it impacted the nation’s economy?
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Remember, he made a statement that the poor should breathe, so let him first of all tell and show Nigerians what he did with the earlier money he borrowed and why he needs the loans, show detailed plans on what he wants to do with this very loan.
We appreciate his work and we want him to do a real work that touches the people and ensures that there is a sustainable development where Nigeria can no longer be tagged as a failed state but a country of progress and one that promotes productivity.
The loans should be judiciously spent – Sam Eboigbe, veteran journalist; Benin
The presidency has the constitutional right to borrow money for developmental purposes.
It is a good thing to borrow money, but how it is used is the major concern. The president has the constitutional right to borrow money for the provision of infrastructural development, but he must be transparent enough to explain to Nigerians how the funds are being used to better their lives.
NASS should stand against loans request – Rev. Emmanuel Olorunmagba, cleric; Kaduna
One would have assumed that with the removal of subsidy, the indebtedness of Nigeria should have been reducing, but the reverse is the case as President Bola Ahmed Tinubu’s administration continues to sink the country deeper into more debts. Despite the unbearable loads of debts on Nigeria, the president has again requested the approval of the National Assembly to secure multi currency loans.
This is indeed pathetic as even the unborn generations already have loads of debt on them just for the fact that they are citizens of Nigeria.
Obviously, if the National Assembly is not a mere rubber stamp as has always been alleged, then they should stand against such a request. Such loans are not and can never be in the interest of the masses, irrespective of whatever they claim it will be used for.
Another ironic situation is that the Economic Financial Crimes Commission (EFCC) keeps releasing figures of huge sums of money they claimed to have recovered. But the more we hear of such figures, the more the President seeks approval to get more loans.
Loans should be put into proper use – Anthony Sani, ex- ACF scribe, Kaduna
The need for loans may arise from the fall of the price, and daily production of crude oil far below the provision in the budget. I have no objection to loans provided they are put to proper developmental uses for the benefits of those who will pay it. After all, business needs money to make money. My advice is for Nigerians to ensure loans are put to proper use by holding the leaders accountable for the loans.
FG’s recourse to loans will kill Nigeria – Alabo Nengi James, rights activist; Yenagoa
This is getting too much. What are they doing with the money? We are not a producing nation but a consuming one. So, there are no way the loans being taken can be put to any meaningful use. What are the specific things they are using the loans for? Go around the country, and there is nothing tangible that the loans are used for.
We were told that subsidy has been removed, so where has the subsidy money gone? There is no accountability for loans collected in the past.
Nigeria’s recourse to loans is shameful. We were told to tighten our belts, we have done that, yet they are collecting loans to do what? Nothing is happening in Nigeria.
People supporting what is going on are doing so because of party affiliations, family, or friends in power. The majority of Nigerians are hungry. They have collected so much, yet no improvement. Nigeria is failing. We are not progressing. Anybody who says Nigeria is progressing is a beneficiary of the crime and criminality going on. Nigeria is not moving forward.
