The Unified Nigeria Youth Forum (UNYF) has criticised the Federal Government’s fresh request to borrow a staggering $24bn, describing the move as economically reckless and morally unjustifiable, especially in a country where millions of citizens continue to endure hunger, poverty, and deprivation.
According to available data, the proposed loan is to be sourced through a combination of foreign currencies: $21.54bn USD, £2.2bn pounds sterling, and 65m Japanese yen, bringing the total to approximately $24bn USD when converted.
In a statement issued in Abuja on Thursday, the National President of UNYF, Comrade Toriah Olajide Filani, expressed deep concern over the borrowing plan.
He compared the loan amount to the estimated net worth of Africa’s richest man, Alhaji Aliko Dangote, which is believed to be between $24bn and $25bn.
Filani noted that the amount the Nigerian government is seeking to borrow in a single move is roughly equivalent to the entire wealth accumulated by Dangote over decades of hard work, strategic investment, and industrial expansion.
He alleged that such an enormous sum, if approved, would most likely be squandered on material indulgences such as luxury vehicles, opulent houses, and bloated administrative expenditures, rather than being invested in meaningful development projects.
Highlighting glaring contradictions in government priorities, Filani lamented, “You cannot be borrowing and at the same time buying a $150m private jet. You cannot be borrowing and, at the same time, living large.”
He cited recent government expenditures as evidence of fiscal irresponsibility, referencing reports that senators and House of Representatives members each received vehicles reportedly worth ₦160m, while ₦90bn was allocated to subsidise the Hajj pilgrimage, and ₦21bn was spent on renovating the Vice President’s residence. He also pointed to the presidential car fleet reportedly valued at ₦980m.
“In a country where these kinds of expenditures are normalised, it’s obvious what borrowed money will be used for — no matter the narrative, they will always have an explanation to cover their corruption,” he said. “But Nigerians are no longer fooled.”
Filani called on the government to provide tracking identification numbers for all publicly funded projects to allow citizens to monitor implementation and spending phases, stressing that transparency is essential if the government expects public support for any future loans.
He questioned the logic and morality of plunging the nation into deeper debt while millions of Nigerians continue to suffer from hunger, lack of healthcare, poor access to education, and the absence of basic amenities.
According to the UNYF, these harsh realities persist despite Nigeria’s abundant natural resources and vast untapped economic potential.
He urged the government to prioritise internally generated revenue over foreign borrowing, stressing the importance of monetising idle public assets and optimising the use of the country’s arable land.
Describing the borrowing plan as a betrayal of earlier promises to cut the cost of governance, Filani pointed to inconsistencies in the government’s stance.
While publicly endorsing the Oronsaye Report, which recommends the streamlining of ministries, departments, and agencies, hè said the government continues to pursue loans that could destabilise the economy.
Filani maintained that government assets could generate significant revenue if transparently leased or sold.
He also emphasised the urgent need for investment in agriculture. With over 30 million hectares of arable land across states like Niger, Taraba, Benue, Kaduna, and Nasarawa, Nigeria, Filani argued, has the potential to become a global leader in food production, job creation, and agricultural exports.
Neglect of vital agricultural infrastructure, including government-owned hatcheries, silos, irrigation systems, and agro-processing facilities, was blamed on poor policy implementation and a lack of political will.
On reforms, Filani renewed his call for full implementation of the Oronsaye Report, which proposes reducing federal agencies from 541 to 161.
He noted that such reform could save the country over one trillion naira annually. Delaying these changes while accumulating more debt, he warned, sends a dangerous message about the priorities of those in power.
Rising debt levels, which now exceed ₦140tn, pose a serious threat to national development and economic independence, Filani warned.
He called on the National Assembly, civil society groups, labour unions, and the general public to resist any further attempts to place Nigeria under the burden of unsustainable loans, especially when viable alternatives exist.
