By George Mgbeleke
\nThe Human Rights Writers Association of Nigeria (HURIWA) has called on the National Assembly to urgently intervene and stop what it described as Nigeria\u2019s dangerous slide into debt dependence, warning that the country risks mortgaging the future of generations yet unborn.<\/p>\n
HURIWA in a statement signed by its national cordinator Comrade Emmanuel Nnadozie Onwubiko,urged President Bola Ahmed Tinubu to halt further external borrowing and listen to the warning by former President Olusegun Obasanjo that excessive debt destroys generations.<\/p>\n
The rights group said the latest World Bank International Debt Report 2026, which puts Nigeria\u2019s external debt at $145.02 billion as of December 2025, provides fresh evidence of the growing burden of foreign obligations on the country.<\/p>\n
According to the report, Nigeria\u2019s external debt increased from $83.21 billion in 2015 to $145.02 billion in 2025, representing an increase of approximately $61.8 billion within 10 years.<\/p>\n
HURIWA described the development as deeply concerning, particularly at a time when millions of Nigerians are struggling with rising living costs, unemployment, poverty and declining purchasing power.<\/p>\n
The association noted that the World Bank report also revealed that Nigeria\u2019s external debt comprised $62.4 billion in public and publicly guaranteed debt, $54.476 billion in private nonguaranteed debt and $28.139 billion in short-term obligations.<\/p>\n
It expressed concern over the rising cost of servicing external obligations, noting that Nigeria\u2019s debt-service-to-exports ratio increased by 9.6 per cent in 2025, while debt service relative to gross national income rose by 6.9 per cent.<\/p>\n
HURIWA said these figures raise serious questions about the sustainability of the country’s borrowing strategy and the proportion of national resources that will continue to be diverted towards debt repayment instead of critical public services.<\/p>\n
The association particularly expressed concern over Nigeria\u2019s $2.3 billion sovereign bond issuance in 2025, which comprised a 10-year bond carrying an interest rate of 8.625 per cent and a 20-year bond at 9.125 per cent.<\/p>\n
It said the high interest rates charged by private international creditors should serve as a warning against excessive dependence on expensive foreign financing.<\/p>\n
HURIWA also drew attention to the World Bank\u2019s disclosure that Nigeria entered into a $5 billion Total Return Swap transaction in 2026, with a three-year maturity and a collateralisation ratio of approximately 133 per cent.<\/p>\n
Under the arrangement, Nigeria reportedly pledged domestic securities worth about $6.7 billion as collateral for the $5 billion financing.<\/p>\n
The association warned that such financing arrangements could expose the country to collateral, margin-call, refinancing and transparency risks.<\/p>\n
It therefore called on the Federal Government to provide comprehensive details of the transaction, including the securities pledged, repayment obligations, maturity terms and other conditions attached to the agreement.<\/p>\n
HURIWA said the World Bank\u2019s warning about the need for transparency in such transactions should not be ignored, particularly because undisclosed financial exposures could complicate the assessment of Nigeria\u2019s actual debt position.<\/p>\n
The association said former President Olusegun Obasanjo\u2019s recent criticism of excessive borrowing deserves serious consideration.<\/p>\n
Obasanjo had described debt as worse than leprosy, warning that it destroys generations.<\/p>\n
He made the remarks while speaking at a symposium in Abeokuta, Ogun State, where he disagreed with President Tinubu\u2019s position that borrowing should not be considered a problem if the government could repay the loans.<\/p>\n
Tinubu had defended his administration\u2019s borrowing plans, arguing that long-term loans were necessary to finance infrastructure, improve electricity supply, upgrade ports and support his ambition of building a $1 trillion economy by 2030.<\/p>\n
However, HURIWA maintained that infrastructure development must not become a justification for endless borrowing without transparent assessments of the economic returns, repayment capacity and long-term consequences.<\/p>\n
The association challenged the Federal Government to demonstrate how previous borrowings had translated into measurable improvements in the living conditions of ordinary Nigerians.<\/p>\n
It also questioned the wisdom of seeking additional foreign loans at a time when the government claims to have increased revenue following the removal of the petrol subsidy.<\/p>\n
HURIWA noted that the Nigeria Labour Congress had also raised concerns over the Federal Government\u2019s request to the National Assembly for approval to borrow $20.5 billion and \u20ac1.45 billion.<\/p>\n
The association called on lawmakers to exercise their constitutional oversight responsibilities and thoroughly scrutinise all fresh borrowing requests before granting approval.<\/p>\n
It urged the National Assembly to demand a comprehensive account of existing loans, their utilisation, repayment schedules and the economic benefits delivered by projects financed through previous borrowings.<\/p>\n
HURIWA further called for an independent assessment of Nigeria\u2019s debt exposure, including contingent liabilities and complex financing arrangements that may not be immediately reflected in conventional debt figures.<\/p>\n
The association insisted that Nigeria must begin to build an economy that relies more on productive capacity, industrial development, exports, agriculture and efficient revenue generation rather than continuous foreign borrowing.<\/p>\n
It warned that future generations should not be condemned to servicing debts accumulated by successive administrations without corresponding development benefits.<\/p>\n
HURIWA therefore called on President Tinubu to listen to the voice of reason, heed Obasanjo\u2019s warning and place an immediate halt on further external borrowing until the country\u2019s existing debt obligations and borrowing strategy have been subjected to a transparent and independent review.<\/p>\n
7th November, 2026<\/p>\n","protected":false},"excerpt":{"rendered":"
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