The Youth Arise Movement (YAM), a prominent Nigerian youth advocacy group, has called on the National Assembly to reject President Bola Tinubu’s recent request for external loans totaling $21.5 billion, €2.19 billion, ¥15 billion, and a €65 million grant. YAM describes the borrowing plan as “reckless and unsustainable,” warning that it could jeopardize Nigeria’s economic stability and sovereignty.
In a statement released by YAM’s Convener, Comrade Ademola Babatunde, the group questioned the necessity of additional borrowing, especially in light of recent disclosures by the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi. Fagbemi revealed that in 2024 alone, anti-graft agencies recovered looted funds totaling $967.5 billion and ₦277 billion in cash and assets. Babatunde argued that these recovered funds should be sufficient to finance the government’s projects without resorting to new loans.
Babatunde urged the National Assembly to investigate the utilization of the recovered funds and to hold the Federal Government accountable for its financial management. He also called for the establishment of a “Presidential Delivery Unit” tasked with providing transparency on government revenues and expenditures, ensuring that Nigerians are informed about how public funds are managed.
The National Assembly has referred President Tinubu’s loan request to its Committee on Local and Foreign Debts for further scrutiny, with a report expected within two weeks.
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