Lawmakers Under Fire For Fast-Tracking Loans Amid Nigeria’s N138tn Debt

Lawmakers Under Fire For Fast-Tracking Loans Amid Nigeria’s N138tn Debt

The National Assembly is under fire for rapidly approving President Bola Tinubu’s loan requests, with experts warning that the country’s growing debt could lead to long-term financial problems. The lawmakers quickly authorized a $2.2 billion (N1.77 trillion) loan within just 48 hours…READ MORE…

of the President’s request, a move that has raised concerns over insufficient scrutiny.

Nigeria’s public debt, which stood at N134 trillion in June 2024, has surged to N138 trillion following new borrowings in July and November. The recent loan approvals have sparked criticism from civil society groups and legal experts who argue that the National Assembly is neglecting its constitutional duty to properly evaluate the necessity and impact of these financial commitments.

Auwal Rafsanjani, Executive Director of the Civil Society Legislative Advocacy Centre, condemned the assembly’s approval process, describing it as rubber-stamping the executive’s demands without thorough investigation. Legal expert Victor Opatola echoed these concerns, emphasizing the Assembly’s obligation to ensure that loans serve the national interest, especially given the lack of clear evidence on how previous loans have been used effectively.

Several public figures, including Senior Advocate of Nigeria Ebun-Olu Adegboruwa and rights activist Prof. Chris Nwaokobia, have called for greater accountability from the legislature. They warn that without proper oversight, the country risks burdening future generations with unmanageable debt.

Critics argue that the National Assembly must focus on its role as a check on executive power and ensure that any loan approved genuinely benefits the people, rather than serving the interests of those in power.

For More Information And News Update, Join Ireporteronline WhatsApp Channel With Link Below: https://whatsapp.com/channel/0029VaV4jB6DuMRgwqnJCF32 For advertisement inquiries only, kindly send a message to 09010649814 on WhatsApp.