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By Bianca Iboma-Emefu
A coalition led by the Youth Arise Movement and Convener Comrade Ademola Babatunde has urged the National Assembly to reject the request made by President Bola Ahmed Tinubu for an external loan of over $21.5 billion (approximately N8.5 trillion). The loan includes $2.19 billion in grants and a proposed issuance of N757 billion in government bonds to settle mounting pension arrears. The President justified the borrowing as essential for financing vital sectors such as agriculture, education, infrastructure, and security.
Coinciding with this request, the Attorney-General of the Federation, Prince Lateef Fagbemi, revealed that anti-corruption agencies have recovered a staggering $967.5 billion and N277 billion in assets in 2024 alone. The recovered funds are reportedly invested in conditional cash transfers and infrastructure projects, reflecting a renewed commitment to financial transparency. To bolster accountability, the government also unveiled the National Central Database of Forfeited Assets and established regulations for automated management of proceeds of crime.
However, experts have warned that if the loan is approved, Nigeria’s total debt will soar beyond N180 trillion, raising alarms about the country’s economic stability. Critics describe the continued borrowing as “mindless” and warn that Nigeria is sitting on a “ticking time bomb” that could explode at any moment. They question why, after recovering vast sums of stolen assets, the government is still resorting to borrowing at such an alarming rate.
According to the group who appealed to NASS to “Reject President Bola Ahmed Tinubu’s new $24 billion loan immediately,” urging lawmakers to prioritize responsible fiscal management.
“As Nigeria faces this crossroads, the message is clear, bold, transparent, and accountable leadership is urgently needed to steer the nation away from a looming financial crisis.”
Babatunde lamented the rising national debt and criticized reckless borrowing as debt soars and recovered funds remained unaccounted for.
He urged the Nigerian government to halt its current pattern of borrowing, which they describe as “mindless” and unsustainable. The controversy centers around President Bola Ahmed Tinubu’s recent request to the National Assembly for approval to secure over $21.5 billion in external loans, alongside additional domestic bond issuance of N757 billion to settle pension arrears.
The President justified the loans as essential for financing critical sectors such as agriculture, education, infrastructure, and security. However, concerns mount as this borrowing would push Nigeria’s total debt beyond N180 trillion — a figure many experts warn could destabilize the economy.
Coinciding with the loan request, the Attorney-General of the Federation, Prince Lateef Fagbemi, announced the recovery of approximately $967.5 billion and N277 billion in cash and assets by anti-corruption agencies in 2024 alone. The recovered funds are reportedly invested in social programs and infrastructure, yet questions remain about transparency and proper utilization.
Critics argue that the massive recoveries far exceed the amount Nigeria seeks to borrow, raising suspicion about the government’s spending priorities. They emphasize the urgent need for accountability, advocating for the establishment of a “Presidential Delivery Unit” to oversee and publish detailed reports on recovered funds, expenditures, and project implementations.
Analysts warn that Nigeria’s escalating debt burden, combined with deteriorating roads, collapsing healthcare, worsening insecurity, and youth unemployment, indicates a systemic failure. They call on the National Assembly to reject the loan request, conduct independent investigations into the use of recovered assets, and ensure funds are allocated transparently and effectively.
