National Assembly Faces Backlash for Approving President’s Loan Requests as Nigeria’s Debt Soars to ₦138tn

Nigeria’s National Assembly has come under fire for hastily approving President Bola Tinubu’s loan requests, sparking concerns about the country’s rising debt, The Punch reports.

As of June 2024, Nigeria’s public debt stood at ₦134 trillion, which has now increased to ₦138 trillion after additional loans were approved in July and November.

Experts have criticized the National Assembly for failing to scrutinize the loan requests, warning that the continuous plunge into debt could put the country in serious trouble. The lawmakers have been accused of being a “rubber stamp” for the executive, approving loans without proper oversight.

The National Assembly’s speedy approval of a $2.2 billion loan request, barely 48 hours after President Tinubu made the request, has raised eyebrows. Experts argue that the lawmakers should ensure that previous loans have been effectively used before approving new ones.

Nigerians are being urged to demand greater accountability from their elected representatives over the country’s rising debt.

The National Assembly is being called upon to be more diligent in its oversight responsibilities and to consult Nigerians before approving loan requests.