A coalition of prominent Civil Society Organizations (CSOs) has urged the National Assembly to investigate the utilization of the $3.4 billion loan acquired by the Federal Government from the International Monetary Fund (IMF) in April 2020 amid the COVID-19 pandemic, citing a lack of evidence of its expenditure on any specific projects.
The CSOs also expressed opposition to the continuous borrowing requests by the Federal Government and the swift approvals granted by the National Assembly, with little or no tangible outcomes to show for these loans.
Led by the Executive Director of the Civil Society Legislative Advocacy Centre (CISLAC), Auwal Musa Rafsanjani, the coalition, comprising nine CSOs, made this demand during a media briefing at the National Assembly complex in Abuja on Friday.
They alleged that the incessant borrowing had escalated the country’s debt profile to N87.9 trillion, equivalent to $114.3 billion, without significant improvements in the lives of Nigerians.
The coalition also questioned the whereabouts of savings purportedly made by the government from the removal of fuel subsidies since May 2023, highlighting the economic hardship experienced by Nigerians amidst rising living costs.
In light of these concerns, the CSOs called for urgent action by the National Assembly to investigate the loans and their utilization by both past and present administrations, emphasizing the importance of improving the welfare of Nigerians.
They emphasized the need for accountability in government spending, particularly in areas such as recurrent expenditure and capital projects that contribute to economic growth and development.
Furthermore, the CSOs demanded transparency regarding the savings from petrol subsidy removal and urged the government to fulfill its promises of alleviating the economic challenges faced by millions of Nigerians.
Among 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, among others.
