The Youth Arise Movement (YAM) has raised alarm over the rising debt profile of Nigeria, condemning the recent loan request submitted by President Bola Ahmed Tinubu to the National Assembly seeking approval for external borrowing amounting to over $21.5 billion, alongside other foreign currencies and a domestic bond issuance worth ₦757 billion.
In a press statement made available to the Nigerian Tribune on Tuesday, YAM, through its Convener, Comrade Ademola Babatunde, described the move as “mindless borrowing” that could plunge the country into what he termed “financial doldrums.”
According to the group, the borrowing request is contradictory, coming on the same day the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, disclosed that looted funds totalling $967.5 billion and ₦277 billion were recovered by anti-graft agencies in 2024 alone.
“One cannot but wonder why a government that claimed to have recovered humongous sums of money would quickly return to borrowing,” Babatunde said.
“We are sitting on a ticking time bomb that could explode without warning if this trend continues unchecked.”
YAM expressed deep concerns that despite the federal government’s announcement that recovered funds had been channeled into social protection and infrastructure projects, the living conditions of Nigerians continue to deteriorate.
The group pointed to the current state of the nation’s infrastructure and social services, describing roads as “death traps”, hospitals as “comatose”, the education sector as being in “intensive care,” and youth unemployment as “alarming.”
“It is crystal clear that the amount said to have been recovered in 2024 alone far exceeds what the government is now proposing to borrow,” the group said.
“Where are the results? Nigerians deserve answers, not more debt.”
The group urged the National Assembly to reject the loan request and instead initiate a thorough investigation into the utilization of recovered funds, in line with Section 88(1)(a)(ii) and (2)(b) of the 1999 Constitution (as amended). YAM called on lawmakers to play their role as watchdogs of the public purse, holding the executive arm accountable for all funds allocated, disbursed, or recovered.
YAM also proposed the creation of a Presidential Delivery Unit, composed of renowned financial experts and business leaders, to monitor, verify and publish all government revenue, project expenditures, and utilization of recovered assets in national dailies.
“The time has come to demand accountability. The government must tell Nigerians how the recovered loots were spent, the state of our actual revenue, and the specific infrastructure these funds were used for,” Babatunde said.
In a final note, the youth group warned of dire economic consequences if Nigeria’s rising debt continues unchecked. They emphasized the need for a detailed Operating Expenses (OPEX) review to determine the nation’s true financial needs and ensure efficient resource deployment.
“We do not need a soothsayer to tell us something fundamental is wrong. We cannot keep borrowing to fund mismanaged systems. For the sake of our future, we must change course now,” Babatunde stated.
The statement concluded with a strong appeal to Nigerians to pay closer attention to governance issues and demand transparency in all public financial dealings.
