Isiyaku Ahmed
The Radical Agenda Movement in the Nigerian Bar Association (RAMINBA) has urged the National Assembly to reject the proposed additional external borrowing of $20.5 billion and €1.04 billion, calling for full disclosure of the loan terms and an independent assessment of their implications for Nigeria’s economy.
In a statement issued on Tuesday by its Chairperson, Abiodun Kolawole, Esq., popularly known as “Iya Gani Fawehinmi,” RAMINBA expressed concern over the timing of the proposed borrowing, which it said came barely 110 days before the scheduled national elections.
It warned that approving such substantial foreign loans without adequate transparency and public scrutiny could undermine public confidence, weaken fiscal discipline and impose additional financial burdens on Nigerians and future generations.
RAMINBA called on the government to publish a comprehensive list of projects to be financed with the proposed loans, specifying the locations, sectors and expected beneficiaries.
It also demanded full disclosure of the borrowing terms, including interest rates, repayment periods, repayment schedules and any collateral or guarantees attached to the facilities.
Furthermore, RAMINBA called for the publication of an independent debt sustainability assessment showing how the proposed borrowing would affect Nigeria’s debt-to-GDP ratio, debt-servicing obligations and public expenditure.
The Association also urged the government to organize a public hearing involving civil society organizations, economic experts and other stakeholders before any decision is taken on the proposed loans.
“RAMINBA calls on the National Assembly to reject any hasty approval of this loan facility pending full disclosure and independent review,” the statement said.
It urged lawmakers to prioritize the country’s long-term economic stability over what it described as expedient borrowing, insisting that external loans must be based on demonstrable national needs, transparency and public interest rather than political considerations ahead of an election.
The Association further stressed the need to protect public resources and ensure that borrowing decisions do not disproportionately affect vulnerable communities.
RAMINBA reaffirmed its commitment to promoting responsible governance, transparency and accountability, saying public resources must be managed in ways that safeguard the welfare of all Nigerians.
