The Socio-Economic Rights and Accountability Project (SERAP) has strongly urged the National Assembly to reject the $24 billion loan request from President Bola Tinubu’s administration, warning that the proposed borrowing could significantly deepen Nigeria’s debt crisis.
In a statement shared on its official X (formerly Twitter) account, the advocacy group stated that the loan, if approved, would increase Nigeria’s total debt stock to an estimated ₦183 trillion, a figure SERAP described as “clearly unsustainable 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.”
SERAP further expressed concern that debt servicing already consumes a disproportionate share of government revenue, limiting investment in key sectors such as education, healthcare, and infrastructure.
The group called for greater transparency and accountability in the government’s fiscal planning, emphasizing the need to explore alternative funding strategies that would not plunge future generations into deeper financial hardship.
