Since the current President of Nigeria- Mr. Muhammadu Buhari assumed office in 2015, Nigeria’s external debt has skyrocketed from $7.3 billion in 2015 to $28.57 billion as of December 2020 (not including additional external debts incurred in 2021). Today, Nigeria’s total public debt is about $87 billion. This status is extremely disconcerting to all well-meaning Nigerians, especially the youths, who will inevitably bear the brunt of repaying these loans.

The World Bank (International Bank of Reconstruction and Development)  is urged, on behalf of all well-meaning Nigerians, to suspend further grant of loan requests made by any level of government in Nigeria. Until there is respect for the rule of law and effective systems to guarantee transparency, prudence, and accountability in applying public funds, Nigeria ought not to secure further liability at the instance of a reputable institution acting in good faith and with due diligence.

Many Nigerians, especially the youths, are investing their time and resources in exploring accountability mechanisms for international financial institutions and other foreign governments under international law where these institutions have issued loans to Nigeria in questionable or reckless circumstances. We will no longer sit by idly while our future is mortgaged for loans that will go down the drain!