Northern Elders Forum Sounds Alarm: Stop Reckless Government Borrowing

Northern Elders Forum Sounds Alarm: Stop Reckless Government Borrowing

Northern Elders Forum Sounds Alarm: Stop Reckless Government Borrowing

The Northern Elders Forum (NEF) is calling on Nigerians to speak out against the federal government’s “reckless” and “unsustainable” borrowing practices. According to NEF, the government’s borrowing trajectory is mortgaging Nigeria’s economic future, with little to show for it. Since mid-2023, the government has borrowed trillions of naira, with questionable outcomes.

In 2023, the Tinubu administration borrowed N2.17 trillion for capital projects, achieving only 70% of intended outcomes. In 2024, the government borrowed $21.5 billion, €2.2 billion, and ¥15 billion, but only met 30% of capital targets. The situation worsened in 2025, with borrowings escalating to $2.347 billion, $347 million, €4 billion, N1.15 trillion, and a $500 million Sukuk bond, with no capital projects implemented as of December 11, 2025.

NEF criticizes the National Assembly for approving loans without rigorous scrutiny, calling it a dereliction of constitutional responsibility. The forum demands transparency, accountability, and a moratorium on new borrowing until existing loans deliver measurable economic value. NEF warns that Nigeria is sliding into a debt-revenue crisis, with debt servicing crowding out essential public spending.

The elders urge Nigerians to demand answers, citing the cruel arithmetic of reckless borrowing: Nigerians will pay through inflation, taxation, and shrinking social services, without commensurate benefits. NEF emphasizes that Nigeria’s treasury belongs to the people and future generations, not just the current administration.

The forum’s call to action highlights the need for vigilance and accountability in governance. As Nigeria approaches an election year, NEF warns that borrowing without results is a betrayal of public trust, and silence is complicity.