The civic organization, Socio-Economic Rights and Accountability Project (SERAP) has urged members of the National Assembly to promptly deny President Bola Tinubu’s appeal for an additional $24 billion loan.
This message was shared in a post on the group’s X account on Wednesday.
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“The National Assembly must swiftly decline to sanction the Tinubu administration’s proposal to borrow $24 billion, which would elevate Nigeria’s debt to N183 trillion. The escalating national debt is evidently unmanageable and not beneficial to the public,” the organization stated.
On Tuesday, the President submitted a request for $21.5 billion as part of the borrowing strategy for 2025-2026, along with a separate loan proposal for 15 billion Japanese Yen and a grant of 51 million Euros to the National Assembly.
