The Northern Elders Forum (NEF) has urged Nigerians to speak out against what it termed the federal government’s “reckless and unsustainable” borrowing pattern, warning that the nation’s economic future is being placed at grave risk.
In an open letter signed by its spokesperson, Prof. Abubakar Jika Jiddere, the forum said Nigeria was no longer dealing with routine fiscal choices but a borrowing culture marked by weak accountability and a troubling lack of democratic oversight.
The elders expressed alarm over the government’s reported move to pursue a N17.89 trillion loan to fund the 2026 budget—despite the budget not yet being debated by the National Assembly.
They pointed to a borrowing trend since mid-2023 that has produced little evidence of completed capital projects, citing billions of dollars and euros in previous loans with minimal implementation.
NEF accused the National Assembly of failing in its constitutional duty by approving loan requests without transparent scrutiny.
It warned that rising debt servicing costs, inflationary pressure, exchange rate instability and reduced spending on critical services were already pushing Nigerians into deeper hardship.
With the country approaching an election year, the forum cautioned that large, loosely monitored funds posed a risk of political misuse.
It demanded a full independent audit of all loans, publication of fuel subsidy savings, and a moratorium on new borrowing until existing loans deliver measurable results.
Efforts to obtain government reaction were unsuccessful at the time of filing the report.
