By Queen Kunde
A major legal and civic uproar has followed President Bola Ahmed Tinubu’s recent request to the National Assembly for approval to secure new multi-sectoral loans, with the Centre for Social Justice (CSJ) calling the move a breach of Nigeria’s Fiscal Responsibility Act (FRA) and demanding full disclosure before any further action is taken.
In a strongly worded press release issued Sunday, CSJ faulted the President’s loan request for lacking transparency, accountability, and legal compliance, warning that it could balloon the country’s debt from N144.7 trillion to over N180 trillion without proper scrutiny.
“No transparency, no approval,” declared Eze Onyekpere, Lead Director of CSJ. “The law is clear: borrowing must be tied to capital or human development projects, with a cost-benefit analysis disclosed to the public. As it stands, the Nigerian people have not been told where these loans are going or what their benefits are.”
Citing key sections of the Fiscal Responsibility Act—including the mandatory requirement for detailed project listings, socioeconomic analysis, and full public disclosure—CSJ accused the presidency of flouting legal norms and bypassing critical safeguards designed to protect public finance.
The group is now demanding:
Full publication both online and in print of the projects to be financed, including their locations, timelines, and economic impact;
A halt to any fast-tracking of the approval process, which currently gives the Senate Committee on Local and Foreign Debts only two weeks to report back;
A public hearing to gather citizen input before any National Assembly decision;
Project-by-project scrutiny rather than a blanket loan approval.
“Nigerians must not be sidelined,” Onyekpere said. “Borrowing behind closed doors while mortgaging the country’s future is unacceptable and illegal.”
The growing national debt, which stood at a staggering N144.665 trillion as of December 31, 2024, has already strained government revenues, with a significant chunk of earnings directed toward debt servicing. Experts warn that unaccountable borrowing could push the country into deeper fiscal instability.
As pressure mounts, all eyes are now on the National Assembly. Will it uphold its constitutional duty and demand transparency or rubber-stamp a massive debt without asking hard questions?