The Socio-Economic Rights and Accountability Project (SERAP) has urged the National Assembly to decline President Bola Tinubu’s request for a new $24 billion loan, warning that it could push Nigeria’s total debt to an unsustainable ₦183 trillion.
In a statement released on Wednesday, May 28, SERAP raised concerns about the impact of fresh borrowing on the country’s struggling economy.
“The National Assembly must refuse to approve the Tinubu administration’s request to borrow $24 billion. The growing national debt is clearly unsustainable and not in the public interest,” the group stated.
President Tinubu’s loan request, submitted to both chambers of the National Assembly on Tuesday, includes a $21.5 billion external loan and a ₦758 billion domestic bond.
The funds are intended for infrastructure, healthcare, education, water projects, and pension arrears. He is also seeking an additional $2 billion from the domestic market and approval for a revised 2025–2026 borrowing plan.
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The revised plan features not just the $21.5 billion but also €2.2 billion, ¥15 billion, and a €65 billion grant. Tinubu explained that the loans are needed to address the country’s infrastructure deficits and stimulate employment.
The loan request has been referred to the Senate Committee on Local and Foreign Debts for consideration, with a report expected within two weeks.
Nigeria’s total public debt stood at ₦144.6 trillion as of December 31, 2024, according to the Debt Management Office.
Of that figure, ₦70.2 trillion is external debt, while ₦74.3 trillion is domestic. The federal government alone is responsible for ₦133.3 trillion of this amount, with states owing ₦11.2 trillion.
SERAP’s call reflects wider anxiety over Nigeria’s borrowing strategy, especially at a time of economic hardship. The group insists that continued borrowing without clear returns could burden future generations and deepen the country’s financial crisis.