The Raminba Association (RAMINBA) has rejected the proposed external borrowing of US$20.5 billion and €1.04 billion, urging the National Assembly to withhold approval until the government makes full disclosures and an independent review is carried out.
In a statement issued on Tuesday, the group expressed alarm that the borrowing plan was announced barely 110 days before the scheduled national elections.
“RAMINBA notes with alarm the proposed plan to secure additional external borrowing of US$20.5 billion and €1.04 billion in foreign loans,” the statement, signed by the association’s Chairperson, Abiodun Kolawole, Esq said.
The group argued that the plan’s timing and scale raise serious concerns. “At a time when public trust is fragile and fiscal discipline is paramount, such a borrowing plan raises serious concerns about transparency, accountability, and the long-term burden on Nigerian citizens and future generations,” Kolawole stated.
RAMINBA called on the government to publish the full project list detailing the intended use of the loan funds, including regions, sectors and expected beneficiaries. It also demanded disclosure of the full terms of the loan, including interest rates, tenor, repayment schedule, and any collateral or guarantees attached.
The association further asked the government to publish the independent debt sustainability analysis and its impact on Nigeria’s current debt-to-GDP ratio and public expenditure. In addition, it demanded a public hearing with civil society, economic experts and other stakeholders before any decision is taken, to ensure inclusive consultation.
The group urged lawmakers to resist pressure to approve the facility quickly. “RAMINBA calls on the National Assembly to reject any hasty approval of this loan facility pending full disclosure and independent review,” Kolawole said.
He added that legislators should “prioritise Nigeria’s economic stability over expedient borrowing that may mortgage our future.”
The group stressed that borrowing must meet certain standards. “The Association underscores that borrowing must be needs-based, transparent, and in the national interest, not politically motivated on the eve of an election,” the statement read.
RAMINBA said it remains committed to protecting citizens, particularly vulnerable communities across the country. “We stand for responsible governance, open governance, and the protection of public resources for the benefit of all,” the statement concluded.
