The Northern Elders Forum (NEF) has issued a strong condemnation of the federal government’s latest move to secure a N17.89 trillion loan, calling on all Nigerians to resist what it describes as a pattern of “reckless and unsustainable borrowings” that mortgage the country’s economic future.
In an open letter addressed to the nation and signed by its spokesperson, Professor Abubakar Jiddere, the forum expressed deep concern over the government’s reported plan to fund the 2026 budget with the massive loan, even before the budget has been debated by the National Assembly.
NEF warned that public silence in the face of such mounting debt amounts to complicity. It criticized what it sees as a consistent trend of borrowing marked by weak accountability and a lack of democratic oversight, particularly from the National Assembly, which it accused of abdicating its constitutional duty by approving loans without rigorous scrutiny.
The group presented a detailed breakdown of government borrowing since mid-2023, drawing from public records and media reports, to highlight poor returns on investment:
· 2023: N2.17 trillion borrowed for supplemental capital projects, with only about 70% of outcomes reportedly achieved.
· 2024: Borrowings of $21.5 billion, €2.2 billion, and ¥15 billion for capital projects, with a mere 30% of targets met.
· 2025: Escalated loans, including $2.347 billion, $347 million, €4 billion, N1.15 trillion, and a $500 million Sukuk bond. As of December 11, 2025, NEF claims none of the linked capital projects have been implemented.
Against this backdrop, the fresh N17.89 trillion request has been labeled by the forum as an alarming and unsustainable trajectory. The elders emphasized that loans have been approved without transparent, line-by-line assessments of budget performance, project execution, or socio-economic impact.
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