- Civil society organizations call on the National Assembly to investigate the utilization of the $3.4 billion IMF loan by the government
- Led by Auwal Musa Rafsanjani, the CSOs demand transparency in government borrowing and allocation of funds, emphasizing accountability measures
Nine civil society organizations (CSOs) have issued an emotional appeal to the National Assembly, urging an investigation into utilising the $3.4 billion loan secured by the Federal Government from the International Monetary Fund (IMF) during the height of the COVID-19 pandemic in 2020.
Expressing grave concern, the CSOs decried the government’s pattern of extensive borrowing and the swift approval granted by the parliament without transparent accountability regarding the allocation of these funds.
Led by Auwal Musa Rafsanjani, the Executive Director of the Civil Society Legislative Advocacy Centre (CISLAC), the CSOs convened a media briefing in Abuja to voice their collective stance.
Speaking on behalf of the coalition, Rafsanjani highlighted the urgency for the government to provide a detailed account of the savings resulting from the removal of fuel subsidies since May 2023.
“The escalating national debt poses significant challenges to the welfare of Nigerian citizens. Without prompt action, projections indicate a potential surge of 23 million individuals into poverty and 80 million working-age citizens without gainful employment by 2030,” Rafsanjani emphasized.
In light of these alarming forecasts, the CSOs underscored the imperative for the National Assembly to initiate a comprehensive investigation. This inquiry aims to scrutinize the utilization of loans acquired by the Federal Government across successive administrations, including the $3.4 billion IMF loan referenced in the 2020 annual audited report issued by the Auditor-General for the Federation.
Furthermore, the CSOs implored the government to refrain from borrowing for recurrent expenses, such as personnel and overheads, and to redirect resources towards capital expenditures that foster tangible economic growth, wealth generation, and national development.
The CSOs represented at the media briefing were the Centre for Democracy and Development (CDD), International Budget Partnership, Paradigm Leadership Support Initiative, Oxfam, Social Action, Christian Aid, and ActionAid.