The Human Rights Writers Association (HURIWA) of Nigeria has condemned President Bola Tinubu’s fresh request for Senate approval to borrow $20.52 billion and €1.045 billion, warning that continuous external borrowing risks mortgaging Nigeria’s future.
In a statement by its National Coordinator, Comrade Emmanuel Nnadozie Onwubiko, the group said Nigerians deserve to know what happened to revenues saved from petrol subsidy removal and increased collections from taxation, Customs and Immigration.
“What happened to the revenues generated through taxation, customs duties and immigration services? Why must the government repeatedly rush to foreign lenders while citizens endure crushing hardship?” HURIWA queried.
The association demanded that the President explain how subsidy savings have been utilised and what benefits citizens have received before seeking fresh loans.
HURIWA said while sectors listed for funding desperately need investment, government must show it has blocked leakages, cut waste and prudently deployed existing revenues.
President Tinubu is seeking approval for $20,517,755,901 and €1,045,083,643 under the 2026-2027 supplementary borrowing plan to fund projects in power, transport, healthcare, education, agriculture, water supply, security and job creation.
The group warned that every foreign loan creates future repayment obligations, exposes public finances to forex risks and diverts revenue from essential services to debt servicing.
It urged the National Assembly, particularly the Senate Committee on Local and Foreign Debts, to subject the request to rigorous scrutiny and demand full disclosure of Nigeria’s current debt stock, servicing costs, terms of the new facilities and specific projects to be funded.
“Lawmakers must not approve multibillion-dollar requests merely because the executive describes the projects as critical,” HURIWA said, insisting on independent assessment of productivity, job creation and returns.
The association further called on government to strengthen domestic revenue mobilisation without overburdening citizens, recover looted funds, improve revenue management and prioritise productive investments.
“Nigeria must not become a debtor nation where citizens pay more, government borrows more and future generations inherit less,” it said.
HURIWA demanded that the President present a credible strategy to reduce dependence on foreign loans and stop treating borrowing as substitute for fiscal discipline.