27/10/2026
IGB0 ECONOMIC FORUM REJECTS PROPOSED $20.52 BILLION FOREIGN LOAN
Nigerians Deserve Accountability, Not More Debt Ahead of the 2027 Elections
The Igbo Economic Forum (IEF) strongly opposes any hasty approval of President Bola Tinubu's proposed $20.52 billion foreign loan and additional €1.045 billion borrowing without full public disclosure, transparent scrutiny, and a convincing demonstration of its economic necessity.
With the 2027 general elections approaching, Nigerians deserve to know why such a substantial borrowing proposal is being presented at this time, what specific projects it will finance, and how the government intends to repay the debt without imposing further hardship on citizens.
Nigeria is already grappling with high living costs, unemployment, business closures, and mounting economic pressures. Introducing additional foreign debt on this scale raises serious questions about fiscal responsibility and the long-term financial burden on future generations.
The Igbo Economic Forum calls on the National Assembly to resist any attempt to rush this proposal through without adequate scrutiny.
We demand:
1. Full transparency: Publish the proposed loan agreements, interest rates, repayment schedules, and associated conditions.
2. Project-by-project accountability: Clearly identify the projects to be financed, their locations, expected benefits, and implementation timelines.
3. Protection of future generations: Demonstrate how the borrowing will generate sufficient economic value to justify its cost.
4. Electoral accountability: Explain why this borrowing is necessary now and establish safeguards against the use of public borrowing for political advantage ahead of the 2027 elections.
5. Legislative scrutiny: Allow independent economic experts, civil society organisations, and the Nigerian public to examine the proposal before any approval.
The Igbo Economic Forum believes that Nigeria's economic future must be built on productive investment, industrialisation, regional economic integration, and responsible management of public resources—not an endless cycle of borrowing without measurable results.
We recognise that foreign borrowing can be justified when it finances viable infrastructure and productive investments. However, the government must demonstrate that this particular proposal meets those standards.
Our position is clear: The National Assembly should withhold approval of the proposed borrowing until the government provides compelling evidence of its necessity, full transparency on its terms, and credible guarantees of public accountability.
Nigeria belongs to its citizens, and its future must not be mortgaged without their interests being adequately protected.
Signed:
Ben Nnadi
For the Igbo Economic Forum (IEF)
