The Conference of Nigeria Political Parties and the Coalition of National Civil Society Organisations have expressed strong opposition to the Federal Government’s plan to secure a $1.75 billion loan from the World Bank. The civic groups described the proposed loan as “reckless, insensitive, and a betrayal of the Nigerian people,” warning that it could ignite widespread public anger and deepen the country’s economic woes.
The groups questioned the rationale behind fresh borrowing, especially given the government’s recent claims of record-breaking revenue collection. Official data indicates that Nigeria recorded N20.59 trillion in revenue between January and August 2025, a 40.5% increase from the same period last year, with non-oil sources contributing 75% of total collections. The government’s appetite for fresh debt is unjustified, according to the groups, particularly in light of President Bola Tinubu’s administration’s boasts of surpassing 2025 revenue targets ahead of schedule.
The civic groups argued that the government should focus on recovering stolen public funds, which are being looted through a network of cronies, contractors, and corrupt officials, rather than taking on more debt. They called for the establishment of a high-powered presidential judicial panel to audit past and present loans, trace diverted funds, and return looted assets to the Federation Account. Unless such steps are taken, the groups warned that the Tinubu administration risks being seen as complicit in the corruption it promised to fight.
The statement also highlighted the everyday struggles of Nigerians, who are facing inflation, high transportation and food costs, and deepening poverty following the removal of fuel subsidies. The groups criticized rising electricity tariffs, excessive taxation, and “policy-induced suffering” for ordinary citizens. They linked the economic pressures to worsening public health, rising incidents of sudden deaths, family breakdowns, and a growing wave of youth emigration.
The morality of the proposed loan was also criticized, with the groups condemning the extravagant lifestyles of political leaders who “keep enslaving the people with loans whose benefits never reach the masses.” They warned that new loans would only worsen the situation without delivering any real economic benefits, given that debt servicing already consumes the bulk of national revenue.
In their statement, the CNPP and CNCSOs reiterated their opposition to the $1.75 billion loan, demanding fiscal discipline and anti-corruption reforms. They emphasized that Nigeria does not need more loans to function, but rather leadership that is willing to recover stolen wealth, curb waste, and invest honestly in job creation and infrastructure. The groups’ stance highlights the need for the government to reassess its fiscal direction and prioritize the welfare of its citizens.
