By Stephen Simon
The Radical Agenda Movement in the Nigerian Bar Association (RAMINBA) has strongly opposed the Federal Government’s proposed plan to secure additional external borrowing of US$20.5 billion and €1.04 billion. The legal body warned that acquiring such massive foreign loans a mere 110 days before the national elections poses a severe threat to Nigeria’s economic stability and public trust.
In a press statement signed by its Chairperson, Abiodun Kolawole, and Karounwi S. Akanni, RAMINBA expressed alarm over the timing of the borrowing plan. The group argued that with public trust already fragile, fiscal discipline is paramount. They cautioned that rushing into such a financial commitment risks mortgaging the future of Nigerian citizens and generations yet unborn.
Consequently, the association issued a list of demands to ensure absolute transparency. RAMINBA insisted that the government must publish the full project list detailing the intended use of the funds. It also demanded the disclosure of the complete loan terms, including interest rates, tenor, and repayment schedules.
Furthermore, RAMINBA called for the publication of an independent debt sustainability analysis to reveal the true impact of the loan on Nigeria’s current debt-to-GDP ratio. The group also demanded a public hearing involving civil society and economic experts to guarantee inclusive consultation before any agreement is finalized.
The association specifically called on the National Assembly to reject any hasty approval of the loan facility. It urged lawmakers to prioritize the nation’s economic stability rather than expedient borrowing that could compromise national interests for political motives ahead of the upcoming elections.
RAMINBA reaffirmed its commitment to safeguarding the welfare of all citizens and vulnerable communities across Nigeria. The association maintained that borrowing must strictly be needs-based and dedicated to responsible governance and the protection of public resources.
Signed by its leadership, RAMINBA stated it remains resolute in advocating for open governance. The group stressed that elected officials must always place the country’s long-term economic health above political expediency.
