Civil Society Organizations (CSOs), including the Civil Society Legislative Advocacy Centre (CISLAC) and Christian Aid, in collaboration with Transparency International, have expressed concerns over Nigeria’s escalating debt profile, calling it a “trap” that is worsening the nation’s troubled economy and causing it to lose foreign assets.

At a media briefing in Abuja, the Executive Director of CISLAC, Auwal Musa Rafsanjani, criticized the National Assembly for not fulfilling its responsibility to check the executive’s actions, leading to the current debt crisis. He stated that the legislators’ “rubber stamp” attitude in approving loans without fully understanding the impact on the economy and future generations has put Nigeria in a debt trap, as the government continues to borrow from private creditors, thereby deepening the debt crisis and increasing its human cost. Rafsanjani added that Nigeria’s national debt is growing and putting the country in a precarious position, with limited access to concessional financing and a growing presence of private creditors.

Rafsanjani stated that part of the crisis is due to the lack of orientation for new legislators. He announced that CISLAC and Christian Aid will work on organizing orientation sessions on the debt and economic situation for relevant committees. Uzor Uzoma, the Senior Program Coordinator at Christian Aid, added that most government borrowings are done without following the law and lawmakers do not thoroughly read the constitutional provisions on borrowing.

She advised Nigerians to obtain their Permanent Voter Cards and vote for worthy leaders in the upcoming elections. Uzoma criticized the government for not adhering to the policies they make and for signing documents without properly examining their contents. She also mentioned that the comparison of debt against Gross Domestic Product is not accurate and expressed concern over reports of President Buhari seeking another loan before leaving office.

Source: Guardian News