Planned external borrowing for 2025 unaccessed, says FG
Human Rights Writers Association of Nigeria (HURIWA) has condemned President Bola Tinubu’s request for legislative approval of a $21.5 billion foreign loan and N758 billion in domestic bonds, describing it as a reckless and destructive plan that will plunge Nigeria into deeper economic turmoil.

Similarly, the Socio-Economic Rights and Accountability Project (SERAP) urged the National Assembly to reject Tinubu’s $24 billion loan request.

However, the Federal Government clarified that the external borrowing component of the 2025 budget, valued at $1.23 billion, had yet to be accessed and is scheduled for disbursement in the second half of the year. This was in response to the formal request Tinubu submitted to the National Assembly on Tuesday seeking approval for the 2024-2026 External Borrowing Rolling Plan.

HURIWA, in a statement by its National Coordinator, Emmanuel Onwubiko, warned that the loans could worsen Nigeria’s debt crisis, exacerbating an already crippling debt servicing burden; a sentiment shared by SERAP.

SERAP, in a statement posted on its official X account, said the new borrowing plan would raise Nigeria’s total debt stock to an estimated N183 trillion, adding; “The National Assembly must immediately refuse to approve the Tinubu administration’s request to borrow $24 billion. The growing national debt is not sustainable and not in the public interest.”

Making light of the development, the Federal Ministry of Finance, yesterday, said the Borrowing Rolling Plan should not be confused with actual borrowing for any given year.

“The borrowing plan does not equate to actual borrowing for the period. The actual borrowing for each year is contained in the yearly budget,” the ministry’s statement reads.

It explained that the rolling plan encompassed borrowing needs for both federal and state governments. States expected to benefit from the plan include Abia, Bauchi, Borno, Gombe, Kaduna, Lagos, Niger, Oyo, Sokoto and Yobe.

HURIWA denounced the proposed borrowing as a toxic debt trap that would mortgage the future of over 200 million Nigerians.

“This is as bad as it can get. Nigeria is being plunged into another round of unconscionable, destructive and criminal foreign borrowing spree by a government that has failed in transparency, accountability and economic vision,” the group stated.

HURIWA also took aim at the National Assembly, accusing lawmakers of failing to safeguard the nation’s economic interests, criticising the lawmakers for what it described as rubber-stamp approval of the executive’s proposals.