Call to Halt Multi-Billion-Dollar Loan Approvals

The Rights Association for the Masses in Nigeria and Beyond (RAMINBA) has called on the National Assembly to reject the proposed $20.5 billion and €1.04 billion foreign loans requested by President Bola Tinubu’s administration. The group insisted that federal lawmakers must withhold legislative approval until the federal government ensures full disclosure of the borrowing terms and subjects the facilities to an independent assessment of their broader economic impact.

In a statement dated October 27, 2026, signed by its Chairperson, Abiodun Kolawole, Esq., also known as "Iya Gani Fawehinmi," the group urged federal legislators to refrain from granting approval until the administration comprehensively outlines the intended purposes and parameters of the funds.

Demands for Fiscal Disclosure and Public Scrutiny

RAMINBA outlined specific disclosure conditions, demanding that the government publish detailed profiles of the projects to be financed, the designated sectors and beneficiary regions, and the specific socioeconomic outcomes projected from the borrowing.

The association also insisted on full transparency regarding the commercial conditions tied to the facilities, including interest rates, repayment schedules, loan tenors, and any collateral or sovereign guarantees committed. Furthermore, the group sought the release of an independent debt sustainability analysis detailing how the proposed liabilities would affect Nigeria’s debt-to-GDP ratio and baseline public expenditure.

To ensure exhaustive legislative oversight, RAMINBA advised the National Assembly to convene an open public hearing with economic analysts, civil society groups, and relevant stakeholders before reaching any decision on the executive request.

Scrutiny Over Electoral Timing and Debt Burden

The advocacy organization expressed strong reservations regarding the timing of the proposal, pointing out that it surfaced just 110 days before scheduled national elections. According to the group, securing substantial external credit so close to an election poses the risk of saddling citizens and future generations with prolonged financial commitments.

Borrowing must be needs-based, transparent, and in the national interest not politically motivated on the eve of an election.

— Abiodun Kolawole, Esq., Chairperson, Rights Association for the Masses in Nigeria and Beyond (RAMINBA)

RAMINBA warned that approving the loan package without sufficient diligence could erode fiscal discipline and mortgage Nigeria's economic stability. Although the association did not outline specific facilities comprising the packages or confirm their current legislative stage, it maintained that the National Assembly must take no action until the government provides full disclosure and subjects the borrowing to rigorous independent evaluation.