The staggering debt of Nigeria, which has surged by 75 percent to reach an alarming N87 trillion, has raised concerns for the Civil Society Legislative Advocacy Centre (CISLAC).
CISLAC also expressed dissatisfaction with the indifference displayed by President Bola Tinubu’s administration towards the country’s growing debt burden.
In a statement issued on Saturday, Executive Director of CISLAC, Auwal Rafsanjani, stated that the figure represents a 75.29 percent increase, or N37.53 trillion, compared to the N49.85 trillion recorded at the end of March 2023.
“With Nigeria grappling with both a significant revenue and debt crisis, pressure is mounting on the current administration to address these challenges without further exacerbating borrowings,” noted Rafsanjani.
“Analysts are calling for efforts to reduce the cost of governance, broaden the tax net, drive compliance, and plug leakages. We encourage collaboration between the government and taxpayers to boost tax revenue, ensuring a strong connection between access to public services and tax compliance.”
CISLAC highlighted the alarming fiscal implications for the nation, particularly as it struggles to manage debt interest payments despite the expected monthly savings of approximately N400 billion from fuel subsidy removal.
The urgent need for the National Assembly to meticulously scrutinize loan requests, ensuring compliance with the law and alignment with the interests of the Nigerian public, was also emphasized by CISLAC.
The organization further expressed dismay that Nigeria’s deepening debt situation and fiscal irresponsibility are being questioned at a time when the international community is advocating for significant debt relief initiatives and multilateral financial reforms.
