The Human Rights Writers Association of Nigeria (HURIWA) has challenged President Bola Tinubu to account for revenues generated from petrol subsidy removal and increased tax collections before seeking approval for fresh external loans totalling $20.52bn and €1.04bn.
The organisation warned that Nigeria could face deeper economic difficulties if the government continues to rely on external borrowing without providing a clear account of existing revenues and expenditure.
In a statement issued on Wednesday, HURIWA’s National Coordinator, Emmanuel Onwubiko, criticised the proposed borrowing, arguing that the Federal Government should first explain how savings from the removal of petrol subsidies and additional tax revenues have been utilised.
Onwubiko expressed concern that continued dependence on foreign loans could worsen Nigeria’s debt burden and place additional financial pressure on future generations.
He warned that accumulating external debts without sufficient transparency and accountability could undermine the country’s economic stability, particularly at a time when many Nigerians are struggling with rising living costs.
HURIWA maintained that Nigerians deserve a comprehensive explanation of the government’s revenue management and spending priorities before the country commits itself to further borrowing.
The organisation’s position comes amid growing concerns over Nigeria’s debt profile and the government’s reliance on external financing to fund its programmes and development priorities.
It urged the Tinubu administration to prioritise transparency, prudent financial management and accountability in the handling of public resources.
