The Conference of Nigeria Political Parties (CNPP) and the Coalition of National Civil Society Organisations (CNCSOs) have strongly condemned the Federal Government’s plan to secure a fresh $1.75 billion loan from the World Bank, warning that the move could trigger public outrage and worsen the country’s economic crisis.
In a joint statement issued on Wednesday, the groups described the borrowing plan by President Bola Tinubu’s administration as “reckless, insensitive, and a betrayal of the Nigerian people.”
The organisations questioned the justification for fresh loans despite the government’s recent claims of record revenue collection. According to official figures, Nigeria generated N20.59 trillion between January and August 2025—a 40.5 percent increase compared to the same period last year, with non-oil sources accounting for 75 percent of total income.
“This plan not only undermines the credibility of the government but will further plunge Nigerians into hardship while shattering hopes for any meaningful economic recovery,” the statement read.
James Ezema, CNPP’s Deputy National Publicity Secretary, and Alhaji Ali Abacha, National Secretary of CNCSOs, who jointly signed the statement, accused the government of double standards. “Just days ago, the President boasted that the 2025 revenue targets had been surpassed ahead of schedule, and that Nigeria would no longer depend on borrowing. This U-turn confirms the duplicity that now defines this administration’s fiscal direction,” they said.
Instead of piling up debt, the groups urged the Tinubu government to recover looted funds, establish a presidential judicial panel to audit past and present loans, trace diverted funds, and return stolen assets to the Federation Account. They cautioned that unless such steps are taken, the administration risks being perceived as complicit in corruption.
The statement also painted a grim picture of the struggles faced by ordinary Nigerians, citing inflation, high transportation costs, rising food prices, and escalating electricity tariffs following the removal of fuel subsidies. The groups further decried “policy-induced suffering” through excessive taxation, such as the N500 fuel levy on small-scale entrepreneurs and the N50 stamp duty on bank transfers above N10,000.
“These measures disproportionately hurt the poor. A barber or hairdresser buying N5,000 worth of fuel now pays an extra N500 in taxes even though they have no access to public power supply,” the statement added.
Linking the economic hardship to social crises, the groups noted rising cases of untreated illnesses, sudden deaths, family breakdowns, and youth emigration under the “japa” wave. They also condemned what they described as the “extravagant lifestyles” of politicians, arguing that it was immoral for leaders to enjoy luxury while enslaving citizens with debts that bring no tangible benefits.
With debt servicing already consuming the bulk of national income, CNPP and CNCSOs warned that additional borrowing would only worsen the crisis. “The current path is unsustainable and dangerous. If the government continues in this direction, the patience of the masses may soon run out,” the groups warned.
Reiterating their rejection of the proposed $1.75 billion loan, the organisations called for fiscal discipline and anti-corruption reforms. “Nigeria does not need more loans to function. It needs leadership willing to recover stolen wealth, curb waste, and invest honestly in job creation and infrastructure. Until this happens, no new borrowing,” they concluded.
