Concerns over Nigeria’s rising debt burden intensified on Sunday as the National Coordinator of the Human Rights Writers Association of Nigeria (HURIWA), Emmanuel Nnadozie Onwubiko, accused President Bola Ahmed Tinubu’s administration of driving the country into a fiscal crisis through what he described as a reckless “borrow-and-burn” economic strategy.
In a strongly worded statement issued in Abuja, Onwubiko also faulted the National Assembly, alleging that it has failed in its constitutional duty by approving loan requests without adequate scrutiny, transparency, or accountability.
According to him, the continuous approval of large-scale borrowing without clear implementation frameworks or measurable outcomes has compounded economic hardship, leaving Nigerians grappling with inflation, unemployment, and deteriorating infrastructure.
“What we are witnessing is not governance but economic sabotage,” he said, warning that borrowing without visible results amounts to mortgaging the nation’s future.
He particularly criticised the recent approval of over $2 billion (about ₦3.3 trillion) for the power sector, questioning the effectiveness of repeated financial interventions in an industry still plagued by poor performance.
Despite the funding, he noted, electricity supply remains erratic, with frequent grid collapses and outages affecting homes and businesses, especially in the Federal Capital Territory.
“Where is the electricity?” he queried, adding that without addressing structural challenges such as poor metering, weak transmission systems, and tariff inefficiencies, the intervention risks becoming “another black hole for public funds.”
Onwubiko also raised alarm over Nigeria’s total public debt, which he said has risen to ₦159.28 trillion as of December 2025, describing it as unsustainable and a threat to future generations.
He cited warnings from the International Monetary Fund urging fiscal discipline and prudent borrowing, but accused the government of moving in the opposite direction by accumulating debt without clear repayment strategies or economic returns.
The HURIWA coordinator further pointed to reported tensions within the government’s economic team, including controversies surrounding former Finance Minister Wale Edun, suggesting that policy disagreements may be worsening the country’s fiscal outlook.
He called on the National Assembly to be held accountable for approving loans without demanding details on project execution, timelines, and impact.
“The legislature cannot continue to approve loans blindly without asking critical questions,” he said.
Onwubiko demanded full disclosure of all loan agreements, independent audits of funds disbursed since 2023, and a suspension of further borrowing pending a comprehensive review of Nigeria’s debt sustainability.
He also called for urgent legislative hearings to probe past loan utilisation and ensure accountability.
“Nigeria cannot borrow its way out of incompetence. Nigeria cannot spend its way out of corruption,” he said, warning that the current fiscal path could trigger deeper economic instability.
He reaffirmed HURIWA’s commitment to holding authorities accountable, insisting that silence in the face of what he termed fiscal recklessness would amount to complicity.