The National Assembly has come under scrutiny for the rapid approval of President Bola Tinubu’s $2.2bn loan request, which has raised Nigeria’s total debt to N138tn as of November 2024.
Experts caution that continuous borrowing without adequate scrutiny could harm the nation’s economy.
Civil society groups and legal practitioners, have accused lawmakers of neglecting their oversight duties.
Auwal Rafsanjani, of the Civil Society Legislative Advocacy Centre, described the legislature as overly compliant with the executive, neglecting its constitutional role to scrutinise fiscal policies.
Economist Sheriffdeen Tella questioned the impact of previously approved loans, urging accountability for their usage.
Legal expert Victor Opatola emphasised the legislature’s responsibility to assess the necessity of loans and ensure they align with the country’s interests.
Similarly, activist Ebun-Olu Adegboruwa urged citizens to hold representatives accountable, warning that unchecked borrowing could burden future generations.
Recent approvals, including domestic and international loans, have been criticised for lacking transparency and public consultation.
Critics argue that the legislature must prioritise public interest and enforce proper checks and balances to ensure borrowed funds are effectively utilised.
