The Civil Society Legislative Advocacy Centre (CISLAC) has leveled accusations against the administration of President Tinubu, alleging a lack of concern regarding Nigeria’s escalating debt crisis. CISLAC’s Executive Director, Auwal Ibrahim Musa (Rafsanjani), issued a statement expressing deep apprehension over the country’s debt situation, which has reportedly surged by a staggering 75% to reach an alarming N87 trillion. Rafsanjani pointed out the concerning fiscal implications of this mounting debt, particularly the challenges in managing interest payments, despite the anticipated monthly savings of around N400 billion following the removal of fuel subsidies.
CISLAC emphasized the need for a range of measures, including cost-of-governance reduction, tax base expansion, enhanced tax compliance, and plugging revenue leakages. Additionally, Rafsanjani stressed the crucial role of the National Assembly in rigorously scrutinizing loan requests to ensure they conform to legal requirements and serve the interests of the Nigerian public.
In response to these pressing concerns, CISLAC has called upon conscientious Nigerians to persistently demand fiscal prudence and a heightened government focus on citizen welfare. The organization’s statement underscores the need for the Nigerian government to address the debt crisis seriously and responsibly.