The Socio-Economic Rights and Accountability Project (SERAP) is raising the alarm over President Bola Tinubu’s request to borrow a staggering $24 billion, warning that this could plunge Nigeria deeper into an already severe debt crisis. In a powerful statement shared via their official X (formerly Twitter) handle, SERAP called on the National Assembly to reject the loan proposal, emphasizing that the nation’s debt stock could soar to a shocking ₦183 trillion if the plan is approved.
According to SERAP, the proposed borrowing is “not sustainable” and “not in the public interest,” especially as debt servicing is already swallowing a huge chunk of government revenue—leaving barely anything for critical investments in health, education, and infrastructure.
Tinubu’s borrowing plan includes $21.5 billion in foreign loans, a ₦757.9 billion domestic bond to clear pension backlogs, and additional loans in euros and yen. While the presidency insists the money will fund development across all 36 states, SERAP argues that this move could cripple Nigeria’s economy even further.
With debt up 48.6% in just one year, from ₦97.34 trillion in 2023 to ₦144.66 trillion in 2024, Nigerians are asking: How much more can we take?