Date: 27th October, 2026
RAMINBA REJECTS TINUBU'S $20.5BN €1.04BN FOREIGN LOAN 110 DAYS TO ELECTION
*A Call for Pause, Transparency and National Interest
27th October, 2026
1. RAMINBA notes with alarm the proposed plan to secure additional external borrowing of US$20.5 billion and €1.04 billion in foreign loans, announced a mere 110 days before the scheduled national elections. At a time when public trust is fragile and fiscal discipline is paramount, such a borrowing plan raises serious concerns about transparency, accountability, and the long-term burden on Nigerian citizens and future generations.
2. Demands:
- Publish the full project list detailing the intended use of the proposed loan funds, including regions, sectors, and expected beneficiaries.
- Disclose the full terms of the loan, including interest rates, tenor, repayment schedule, and collateral or guarantees attached.
- Publish the independent debt sustainability analysis and its impact on Nigeria's current debt-to-GDP ratio and public expenditure.
- Hold a public hearing with civil society, economic experts, and stakeholders before any decision is taken to ensure inclusive consultation.
3. Call to Action:
RAMINBA calls on the National Assembly to reject any hasty approval of this loan facility pending full disclosure and independent review. We urge lawmakers to prioritize Nigeria's economic stability over expedient borrowing that may mortgage our future. The Association underscores that borrowing must be needs-based, transparent, and in the national interest not politically motivated on the eve of an election.
RAMINBA remains committed to safeguarding the welfare of all citizens and vulnerable communities across Nigeria. We stand for responsible governance, open governance, and the protection of public resources for the benefit of all.
Signed:
Abiodun Kolawole, Esq.,
(AKA "lya Gani Fawehinmi ")
Chairperson, RAMINBA
Karounwi .S. Akanni, Esq
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