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Concern as Nigeria Continues to Borrow Despite Rising Debt

The Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to provide spending details of the overdrafts and loans obtained by the government from the Central Bank of Nigeria (CBN) since May 2015. SERAP also demanded clarification of whether the U.S.$25 billion reportedly obtained from the CBN is within the five percent limit of the actual revenue of the government for 2020. Over the years, the government's borrowing from the CBN has skyrocketed, raising serious concerns about debt servicing and fiscal sustainability. SERAP recently advised the government to explore other options to raise funds instead of selling national assets. This comes after the government proposed to sell or concession 36 of its properties to raise funds, largely to finance the 2021 budget. 

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