The Human Rights Writers Association of Nigeria has called on the National Assembly to reject further foreign borrowing by the Tinubu administration, warning that the country’s external debt has climbed to $145.02 billion and risks burdening future generations.
In a statement issued on Saturday by its National Coordinator, Emmanuel Nnadozie Onwubiko, HURIWA said Nigeria’s external debt rose from $83.21 billion in 2015 to $145.02 billion by December 2025, an increase of about $61.8 billion in a decade. The group cited the World Bank’s International Debt Report 2026 as the source of the figures.
According to the breakdown provided by HURIWA, the total comprises $62.4 billion in public and publicly guaranteed debt, $54.476 billion in private non-guaranteed debt and $28.139 billion in short-term obligations. The group noted that Nigeria’s debt-service-to-exports ratio rose by 9.6 per cent in 2025, while debt service relative to gross national income increased by 6.9 per cent.
HURIWA argued that the growing obligations could divert resources from healthcare, education and infrastructure to debt servicing. It pointed to a $2.3 billion sovereign bond issued in 2025, made up of a 10-year instrument at 8.625 per cent interest and a 20-year bond at 9.125 per cent, as evidence of the high cost of international borrowing.
The group also raised concerns over a $5 billion Total Return Swap transaction reported in 2026. Under the arrangement, Nigeria pledged domestic securities worth approximately $6.7 billion as collateral for financing with a three-year maturity and a collateralisation ratio of about 133 per cent. HURIWA demanded full disclosure of the securities involved, repayment terms and other contractual details, saying Nigerians have a right to know the extent of the country’s exposure.
HURIWA backed former President Olusegun Obasanjo’s recent criticism of the government’s borrowing approach. Obasanjo had described debt as “worse than leprosy” and warned that it destroys generations, disagreeing with President Bola Tinubu’s position that borrowing is acceptable provided the loans can be repaid. Tinubu has defended the loans as necessary for infrastructure, electricity, ports and the goal of building a $1 trillion economy by 2030.
The rights group said infrastructure needs should not justify open-ended borrowing without clear assessments of economic returns and repayment capacity. It challenged the administration to show how earlier foreign loans improved living conditions for ordinary Nigerians, especially at a time when the government claims higher revenue after the removal of the petrol subsidy.
HURIWA also referenced concerns raised by the Nigeria Labour Congress over a government request for National Assembly approval to borrow $20.5 billion and €1.45 billion. It urged lawmakers not to approve the requests without first examining existing debt obligations, how previous funds were used, repayment schedules and the benefits delivered by projects financed through earlier borrowings.
The group called for an independent review of Nigeria’s overall debt exposure, including contingent liabilities and complex financing arrangements that may not appear in standard debt figures. It said the country should prioritise productive capacity, industrial development, exports, agriculture and efficient revenue generation rather than continued reliance on foreign loans.
HURIWA asked President Tinubu to suspend further external borrowing pending a transparent review and called on the National Assembly to protect the country’s economic future by subjecting any new loan requests to rigorous scrutiny.
A story of courage, wonder, and the transformative power of self-belief; perfect for readers aged 10+ who love adventure. To place order: +234 806 130 3237 | +234 803 582 0870 OR Tap the link to grab a copy:https://www.zeekapublish.com/product/the-magical-life-of-anna
