Nigeria’s Public Debt Hits ₦149.39 Trillion: Civic-Tech Platform Demands Transparency

A civic-tech platform, Citizen Monitors, has called on the Federal Government to make public Nigeria’s loan books, citing concerns over the country’s rising debt profile, which currently stands at ₦149.39 trillion ($97.24 billion).

The Senate recently approved a new $21 billion external borrowing plan, further fueling concerns about transparency.

According to Citizen Monitors, transparency is crucial to ensuring that borrowed funds are utilized effectively.

The platform’s Co-founder, Adeshope Haastrup, emphasized that debt itself is not the issue, but rather the lack of transparency surrounding it. Haastrup urged the government to publish the terms of loans, project milestones, and outputs to enable citizens to track progress.

The Debt Management Office has revealed that nearly half of Nigeria’s total debt is denominated in foreign currency, raising concerns about the potential impact on the economy.

Citizen Monitors warned that without transparency, debt repayments may lead to reduced services, increased taxes, or currency devaluation.

The platform highlighted recent loan approvals, including $2.25 billion from the World Bank and $254.76 million from China Development Bank, and urged the government to provide detailed information on these loans.

By making this information publicly available, citizens can hold the government accountable and ensure that borrowed funds are used to drive national progress.

Citizen Monitors’ Head of Communications, Olajumoke Alawode-James, added that every project funded by borrowed money should be visible and verifiable, enabling citizens to track progress and hold the government accountable.