The Association of Retired Members of the Nigerian Bar Association (RAMINBA) has called on the National Assembly to reject President Bola Tinubu’s proposed $20.5 billion and €1.04 billion foreign loan facilities, citing concerns over transparency, accountability and the country’s long-term debt burden.

The association expressed concern over the timing of the proposed borrowing, noting that it was being announced just 110 days before the scheduled national elections.

RAMINBA said the proposed loans raised questions about fiscal responsibility and the potential burden on Nigerian citizens and future generations, particularly amid concerns over public trust in governance.

This was disclosed yesterday by the group Chairperson, Abiodun Kolawole, popularly known as “Iya Gani Fawehinmi,” and the Secretary, Karounwi S. Akanni.

The association called for a pause in the loan approval process pending the disclosure of comprehensive details about the proposed facilities and an independent assessment of their implications for the country’s economy.

They urged the federal government to publish a detailed list of projects for which the loan proceeds would be used, including the regions and sectors expected to benefit, as well as the anticipated beneficiaries.

RAMINBA also demanded full disclosure of the loan terms, including interest rates, repayment periods, repayment schedules and any collateral or guarantees attached to the facilities.

It further called for the publication of an independent debt sustainability analysis showing the potential impact of the proposed borrowing on Nigeria’s debt-to-gross domestic product ratio and public expenditure.

The association said a public hearing involving civil society organisations, economic experts and other stakeholders should be held before any decision was taken on the proposed loans.

According to RAMINBA, such consultations would promote transparency, encourage public participation and ensure that the borrowing decision reflects the country’s economic realities and national interests.

“The association calls on the National Assembly to reject any hasty approval of this loan facility pending full disclosure and independent review,” the statement said.

It urged lawmakers to prioritise Nigeria’s economic stability over what it described as expedient borrowing that could mortgage the country’s future.

RAMINBA maintained that foreign borrowing should be driven by demonstrable national needs, transparency and accountability rather than political considerations, particularly in the period leading up to an election.

The association also reaffirmed its commitment to protecting the welfare of Nigerians, especially vulnerable communities, and safeguarding public resources for the benefit of citizens.

It said responsible governance required openness in public financial decisions and careful consideration of the consequences of additional borrowing on the country’s fiscal position.

The association’s position comes amid wider concerns over public debt management and the need to ensure that government borrowing translates into tangible economic and social benefits for Nigerians.

RAMINBA insisted that the Federal Government should disclose their terms, intended uses and potential implications before the National Assembly considers approval.