The Civic Alliance for Fiscal Transparency (CAFT) has called on the National Assembly to hold the executive arm of government fully accountable for the rising wave of foreign loans and the slow implementation of the 2025 capital budget, warning that failure to do so would amount to a dereliction of duty.
In a strongly worded statement issued on Saturday, CAFT President Ayodele Olaposi said Nigerians were increasingly frustrated by what he described as a pattern of “legislative complacency” in the face of mounting public debt and underperformance in capital project delivery. He said lawmakers must move beyond approving budgets and loans to ensuring that such financial commitments translate into tangible improvements in citizens’ lives.
“Nigerians are tired of a legislature that approves loans with one hand and closes its eyes with the other,” Olaposi said. “The duty of lawmakers goes beyond appropriation. Every borrowed dollar and every naira budgeted for capital projects must deliver visible results for the people.”
Olaposi noted that although the administration of President Bola Tinubu had recorded modest gains in revenue through fiscal reforms and improved oil receipts, those improvements had yet to reflect meaningfully in everyday living conditions. He attributed this disconnect to delays in implementing the 2025 capital budget, describing it as “a critical test of the government’s commitment to growth and accountability.”
“It is unacceptable that after celebrating revenue growth and approving multi-billion-dollar loans, the government still drags its feet on the 2025 capital budget,” he said. “This delay hurts the economy and erodes public confidence. Full and transparent implementation will prove that this administration is genuinely committed to developing the country—not merely managing headlines.”
CAFT expressed concern over Nigeria’s rising debt profile, which it noted had surpassed ₦149 trillion by mid-2025. The group warned that debt servicing, which now consumes more than 60 percent of federal revenue, posed a grave risk to fiscal sustainability if unchecked.
“The National Assembly must not become a clearing house for unsustainable borrowing. Every loan approved must be tracked, audited, and tied to measurable outcomes. The time has come for legislators to justify the trust placed in them—or make way for those who will,” Olaposi declared.
The group urged the legislature to demand comprehensive disclosure of how newly approved foreign loans would be deployed, project by project, and to prioritise spending on infrastructure, job creation, and poverty alleviation. It also called for quarterly progress reports to be made public to enhance transparency and rebuild confidence in fiscal governance.
“True accountability is not about speeches or committee sittings—it’s about results,” the statement added. “When roads are built, when schools function, when hospitals receive equipment, Nigerians will know that governance is working. Until then, every borrowed fund must remain under scrutiny.”
While acknowledging the administration’s ongoing efforts to diversify revenue through non-oil growth and industrialisation, CAFT insisted that macroeconomic progress must be matched with visible social impact.
“The government must not allow bureaucratic inertia to undermine the promise of reform. We call on lawmakers to stand firm, demand performance, and ensure that the 2025 budget serves its purpose—to rebuild confidence and deliver development for all Nigerians,” Olaposi said.
