The Socio-Economic Rights and Accountability Project (SERAP) has called on the National Assembly to reject President Bola Tinubu’s administration’s request to borrow $24 billion, warning that the proposed loan would significantly worsen Nigeria’s debt crisis
In a statement posted on its official X account, the advocacy group said the new borrowing plan would raise Nigeria’s total debt stock to an estimated N183 trillion — a level it described as “clearly not sustainable and not in the public interest.”
“The National Assembly must immediately refuse to approve the Tinubu administration’s request to borrow $24bn,” SERAP said. “The growing national debt is not sustainable and not in the public interest.”
The organisation expressed concern that the burden of debt servicing was already consuming a substantial portion of government revenue and not sustainable.
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