With Nigeria's debt projected to hit ₦180 trillion, the Youth Arise Movement (YAM) has raised the alarm over continued borrowing by the Federal Government, warning that the country is on the brink of economic collapse. The group has called on President Bola Ahmed Tinubu to suspend further external loan requests and urged the National Assembly to reject any such proposals.
In a statement issued Wednesday in Abuja, YAM Convener, Comrade Ademola Babatunde, cautioned against what he described as "mindless borrowing," stressing that the National Assembly must rise to the occasion and prevent Nigeria from sliding further into economic distress.
"At this critical time, Nigeria needs a pragmatic and responsible legislature to save the nation from a slippery slope. The continued borrowing poses dire consequences for our future," Babatunde stated.
YAM expressed concerns over the Federal Government's recent external loan request of $21.5 billion, alongside €2.19 billion, ¥15 billion, and €65 million in grants. The President also sought approval to issue ₦757 billion in government bonds to settle pension arrears.
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Ironically, on the same day, the Attorney-General of the Federation, Prince Lateef Fagbemi, disclosed that anti-graft agencies had recovered $967.5 million and ₦277 billion in cash and assets in 2024 alone. He claimed the recovered funds were used for conditional cash transfers and critical infrastructure projects.
YAM questioned the need for fresh loans despite these substantial recoveries and demanded accountability.
"If the government has recovered nearly a trillion naira, why return to borrowing? Nigerians deserve transparency on how these funds are spent," Babatunde added.
The group proposed the establishment of a Presidential Delivery Unit (PDU) to oversee and regularly brief Nigerians on government revenues, disbursements, and projects. It emphasized the need for the PDU to publish detailed expenditure reports in national dailies.
"Our roads are death traps, hospitals are comatose, education is gasping for air, insecurity worsens daily, and unemployment is rampant. Yet our debt keeps rising," YAM lamented.
The group called on the National Assembly to: Reject the President's current loan request. Launch an investigation into the utilization of recovered looted funds. Audit government revenues and verify the status of pension liabilities. Enforce accountability in all government-approved spending.
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YAM also advised the President to assemble a team of reputable finance experts to independently evaluate the recovered funds, verify project implementations, and prevent duplications or misappropriations.
"We don't need a soothsayer to know something is fundamentally wrong. For the sake of future generations, bold and urgent steps must be taken to reverse this dangerous debt trajectory," the statement concluded.
The group urged all Nigerians to stay informed and engaged, insisting that collective vigilance is key to holding leaders accountable and safeguarding the nation's economic future.
