Northern Elders Forum (NEF) called on Nigerians to speak out against what it described as reckless and unsustainable borrowings by the federal government, warning that the country’s economic future is being dangerously mortgaged.
In an open letter addressed to Nigerians, NEF said silence in the face of mounting public debt amounted to complicity. It stressed that the country was no longer dealing with routine fiscal decisions but a pattern of borrowing marked by weak accountability and democratic neglect.
In the letter signed by NEF spokesperson, Professor Abubakar Jiddere, the group expressed concern over the federal government’s reported move to secure an additional N17.89 trillion loan to fund the 2026 budget, even though the budget had not been debated by the National Assembly.
The forum said the fresh loan request came against the backdrop of a troubling borrowing record since mid-2023, with little evidence of commensurate delivery of capital projects across the country.
NEF outlined what it described as a “record that demands answers”, citing figures reportedly drawn from public records and media reports.
It stated that in 2023, the Tinubu administration borrowed N2.17 trillion for supplemental capital projects, with about 70 per cent of the intended outcomes reportedly achieved.
For 2024, the forum said the federal government borrowed $21.5 billion, €2.2 billion, and ¥15 billion to fund capital projects, yet only about 30 per cent of the capital targets were reportedly met.
The situation, according to the elders, worsened in 2025, when borrowings escalated to include $2.347 billion, $347 million, €4 billion, N1.15 trillion, and a $500 million Sukuk bond.
As of December 11, 2025, the forum claimed that none of the capital projects linked to the loans had been implemented.
It said, “Despite this record, the federal government is now pressing for another N17.89 trillion loan to fund the 2026 budget. This trajectory is neither normal nor sustainable.”
NEF also criticised the National Assembly, accusing it of abdicating its constitutional responsibility by allegedly approving loan requests without rigorous scrutiny.
The forum lamented that loans approved since mid-2023 were not subjected to transparent, line-by-line assessments of budget performance, project execution, value for money or socio-economic impact.
Chuks Okocha
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