Post by Henry Emeka (@Emekus)
Your Excellencies Esteemed Sir/Madam, 240 million Nigerians are
writing to express deep concern regarding any further loan arrangements between your institution and the Government of Nigeria, particularly under the current administration.
From 1999 to 2026, Nigeria’s national debt has risen dramatically, now reported at approximately ₦159 trillion. Despite this massive accumulation of debt, the living conditions of ordinary Nigerians have not improved in any meaningful way. Today, an estimated 240 million Nigerians continue to face severe poverty, unreliable electricity, inadequate healthcare, poor educational infrastructure, and a lack of basic social support.
Given this reality, 240 million Nigerians are questioning the purpose and impact of the loans already obtained. There is widespread concern that additional borrowing will not translate into development but instead fuel further misuse of public funds, including luxury spending and non‑productive expenditures.
For this reason, we respectfully urge the IMF and First Abu Dhabi Bank (FAB) to reconsider extending any new loan facilities—such as the proposed $5 billion arrangement—to the current administration or future Nigerian governments until there is clear, transparent, and verifiable evidence of responsible use of previous loans.
It is important that the Nigerian government be required to demonstrate:
How previous loans since 2023 have been utilized
What measurable improvements have been achieved in education, healthcare, housing, electricity, and digital access
What accountability mechanisms are in place to prevent diversion of funds
Without such transparency, further lending risks deepening Nigeria’s economic challenges while offering no relief to the millions of citizens living in hardship.
Thank you for your attention to this matter.
https://www.vanguardngr.com/2026/06/imf-counsels-fg-against-5bn-uae-loan-seeks-higher-taxes/
https://www.pulse.ng/story/nigerias-debt-history-2026041810340725964
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