The civic group, Socio-Economic Rights and Accountability Project (SERAP), has called on the National Assembly to immediately reject the request by President Bola Tinubu for a fresh $24 billion loan request.
This was contained in a post on the organisation’s X (formerly Twitter) account on Wednesday.
“The National Assembly must immediately refuse to approve the Tinubu administration’s request to borrow $24bn, which is expected to increase Nigeria’s debt to N183tn. The growing national debt is clearly not sustainable, and not in the public interest,” the organisation posted.
The President made a request of $21.5 billion as part of the 2025-2026 borrowing plan and another loan request of 15 billion Japanese Yen and 51 million Euros grant to the National Assembly on Tuesday.
Backstory
On Tuesday, President Tinubu requested the Senate to approve a new external borrowing plan of about $21.5 billion as part of the 2025-2026 borrowing plan.
He explained that the initiatives were aimed at generating employment, promoting skill acquisition, fostering entrepreneurship, reducing poverty, and enhancing food security.
The President added that the majority of the projects and programmes would be implemented across the 36 states of the country.
He noted that amid declining domestic funding, it had become essential to pursue prudent external borrowing, saying that a vast financial resource was needed to address the infrastructure gap across the country.
What you should know
Yesterday, the Federal Government offered clarifications regarding President Tinubu’s request to the National Assembly for approval of a new $21.5 billion external borrowing plan, part of the proposed 2025-2026 borrowing strategy.
In a press statement issued on Tuesday by the Director of Information and Public Relations at the Federal Ministry of Finance, Mohammed Manga, the government explained that the Debt Rolling Plan serves as a structured framework for external borrowing by both federal, state, and local governments over a two-year period.
The statement read, in part, “The proposed Debt Rolling Plan outlines the external borrowing framework for both the federal and sub-national governments over a two-year period.”
“By adopting a structured, forward-looking approach, the plan facilitates comprehensive financial planning and avoids the inefficiencies of ad hoc or reactive borrowing practices,” the statement stated further.
“This strategic method enhances Nigeria’s ability to implement effective fiscal policies and mobilize development resources.”
The government emphasized that the plan does not automatically translate to an increase in the nation’s debt burden.
SERAP, however, said the fresh request could increase Nigeria’s debt to N183 trillion.
In April 2025, SERAP called on President Tinubu to reject the newly approved $1.08 billion loan from the World Bank, citing concerns over Nigeria’s rising debt profile and financial mismanagement within federal institutions.
