STOP THE RELEASE OF NIGERIA’S PROPOSED EXTERNAL LOANS UNTIL AFTER, 2027 GENERAL ELECTIONS
The Issue
NATIONAL PETITION TO INTERNATIONAL LENDERS AND FINANCIAL INSTITUTIONS
STOP NIGERIA’S PROPOSED EXTERNAL BORROWING UNTIL AFTER THE 2027 GENERAL ELECTION
A National Appeal for Transparency, Accountability, Responsible Borrowing and the Protection of Nigerian Taxpayers
CAMPAIGN TARGET: 10–20 MILLION NIGERIAN SIGNATURES
TO:
The President and Executive Directors of the World Bank Group
The President of the African Development Bank
The Managing Director of the International Monetary Fund
International and bilateral development finance institutions
International commercial banks, bond arrangers, prospective lenders and investors participating in Nigeria’s external borrowing programme
COPIES TO:
The Federal Ministry of Finance, Federal Republic of Nigeria
The Debt Management Office, Nigeria
The National Assembly of the Federal Republic of Nigeria
Relevant international financial oversight authorities
International development partners and prospective financing institutions
---
## THE PETITION
We, the undersigned Nigerians, citizens, taxpayers, professionals, business owners, students, workers, civil society organisations and concerned members of the Nigerian diaspora, hereby respectfully petition international financial institutions, prospective lenders, commercial banks, bond arrangers and investors involved in Nigeria’s proposed external borrowing programme to:
SUSPEND THE APPROVAL, FINALISATION AND DISCRETIONARY DISBURSEMENT OF THE PROPOSED EXTERNAL LOANS UNTIL AFTER THE 2027 GENERAL ELECTION.
We are deeply concerned about the timing, scale, transparency and potential consequences of the Federal Government’s proposed external borrowing at a time when Nigeria is approaching a critical national election.
The proposed borrowing programme, previously reported at approximately $20.52 billion and €1.05 billion, has generated widespread public concern regarding the country’s financial obligations, the purpose of the borrowing and the potential implications for Nigerian taxpayers.
Following subsequent changes to the borrowing proposal, we call for full clarification of the current financing arrangements, the institutions involved, the amounts being sought and the status of each proposed loan.
Our petition is directed at the institutions, lenders, investors and financial intermediaries participating in or considering financing the proposed external borrowing.
We recognize that responsible borrowing can support infrastructure, healthcare, education, agriculture, economic development and other essential public services.
However, substantial new borrowing immediately before a general election raises legitimate questions that deserve urgent answers.
Nigerians must not be expected to accept additional national debt without adequate transparency, meaningful public disclosure, independent oversight and credible safeguards against the possible misuse of public resources.
## 1. THE DEBT BURDEN OF THE APC GOVERNMENT: EIGHT YEARS UNDER BUHARI AND THE PRESENT TINUBU ADMINISTRATION
Nigeria’s growing public debt is one of the most serious concerns confronting the Nigerian people.
During the eight-year administration of former President Muhammadu Buhari, the APC government accumulated substantial public debt obligations.
According to the Debt Management Office, Nigeria’s total public debt stood at approximately ₦12.12 trillion as of June 30, 2015.
By December 31, 2022, the country’s total public debt had increased to approximately ₦46.25 trillion.
This represents an increase of approximately ₦34.13 trillion in the reported public debt stock during the period.
We recognise that this comparison reflects the total public debt stock and not exclusively new borrowing. It includes domestic and external debt, obligations of the Federal Government and subnational governments, and changes resulting from the conversion and recognition of existing liabilities.
Nevertheless, the substantial increase in Nigeria’s public debt during the eight-year Buhari administration raises important questions about the country’s borrowing strategy, financial obligations and the benefits delivered to Nigerian citizens.
The present administration of President Bola Ahmed Tinubu assumed office on May 29, 2023.
The Debt Management Office reported total public debt of approximately ₦87.38 trillion as of June 30, 2023, and approximately ₦166.79 trillion as of June 30, 2026.
However, the June 2023 figure included approximately ₦22.71 trillion in securitised Ways and Means Advances, which had not previously been included in the same manner in the published public debt stock.
We therefore acknowledge that the increase in the reported debt stock cannot be attributed entirely to new borrowing by the present administration.
Even with this important qualification, the continued expansion of Nigeria’s public debt under the present administration demands urgent public scrutiny.
The Nigerian people deserve a comprehensive account of the loans obtained, the projects financed, the amounts disbursed, the funds utilised and the financial obligations transferred to future generations.
OUR QUESTION IS SIMPLE: WHERE ARE THE BENEFITS OF THE PREVIOUS BORROWING, AND WHY SHOULD NIGERIANS ACCEPT ANOTHER SUBSTANTIAL EXTERNAL LOAN WITHOUT FULL TRANSPARENCY?
We respectfully call upon international lenders to consider Nigeria’s existing debt burden before approving or releasing additional financing.
We further demand an independent and comprehensive review of the borrowing undertaken during both the Buhari and Tinubu administrations.
Such a review must establish:
1. The total amount borrowed during each administration.
2. The institutions and lenders involved.
3. The projects and programmes financed.
4. The relationship between loan proceeds and approved national budgetary allocations.
5. The amounts actually disbursed and spent.
6. The status of the projects financed.
7. The measurable benefits delivered to Nigerian citizens.
8. The outstanding repayment obligations.
We believe that the Nigerian people must not be asked to accept additional national debt without adequate evidence that previous borrowing has been properly allocated, utilised and accounted for.
## 2. WHERE ARE THE PREVIOUS LOANS, AND WHAT HAVE NIGERIANS RECEIVED IN RETURN?
One of our greatest concerns is the relationship between Nigeria’s growing debt obligations and the actual development outcomes experienced by ordinary citizens.
Nigerians continue to face significant economic challenges, including rising living costs, pressure on household incomes, infrastructure deficiencies and increasing financial obligations.
We believe that the government must demonstrate clearly how previous borrowing has translated into measurable public benefits.
We are particularly concerned about the transparency of loan utilisation and the relationship between external borrowing, national budgetary allocations and the execution of public projects.
Our concern is that Nigerians have not received sufficient public disclosure to independently establish how all relevant borrowing arrangements have been allocated, incorporated into approved budgetary frameworks, monitored and evaluated.
We therefore demand:
- A comprehensive public accounting of external loans obtained by the Buhari administration during its eight years in office.
- A comprehensive public accounting of external loans obtained by the present administration since May 2023.
- A clear identification of the projects financed by each loan.
- The amount allocated to each project.
- The amount actually disbursed.
- The amount spent and the remaining balance.
- The names of implementing agencies and contractors.
- Independent verification of project completion and measurable public benefits.
We further call for an independent review of whether previous external loans were properly reflected in approved national budgetary allocations and whether their utilisation complied with applicable financial and procurement requirements.
BEFORE NIGERIA TAKES ON ADDITIONAL DEBT, NIGERIANS DESERVE TO KNOW WHAT HAPPENED TO THE MONEY BORROWED PREVIOUSLY.
## 3. OUR CONCERN ABOUT LOANS AND NATIONAL BUDGETARY ALLOCATIONS
We are particularly concerned about the transparency of the relationship between external borrowing and Nigeria’s national budget.
Our concern is that the government has not adequately demonstrated to the Nigerian public how previous external loans have been transparently incorporated into approved budgetary allocations, project appropriations and expenditure reporting.
We believe that borrowing must not operate as a parallel financial arrangement outside meaningful public scrutiny.
Every substantial loan should have a clearly identified purpose, an approved project allocation, a transparent disbursement process and an independently verifiable public benefit.
We therefore call upon international lenders to require the Federal Government to demonstrate:
1. The specific budgetary allocation associated with each proposed loan.
2. The approved projects and programmes to be financed.
3. The legislative and administrative approvals applicable to the borrowing.
4. The relationship between loan proceeds and national budget expenditure.
5. The procedures for procurement, disbursement and expenditure monitoring.
6. The mechanisms through which citizens can independently verify the use of funds.
We further demand an independent examination of previous borrowing arrangements to determine whether loan proceeds were properly allocated and utilised in accordance with their stated purposes.
We are concerned that the public has not been provided with sufficient transparent evidence to independently establish the relationship between the government’s borrowing programmes and the actual budgetary allocations and development outcomes.
WE DO NOT BELIEVE THAT NIGERIANS SHOULD BE ASKED TO ACCEPT ANOTHER SUBSTANTIAL BORROWING PROGRAMME WITHOUT FIRST RECEIVING TRANSPARENT EVIDENCE OF HOW PREVIOUS LOANS WERE ALLOCATED AND UTILISED.
Our demand is not based on an assumption that every previous loan was misused.
It is based on the need for accountability, proper financial reporting and credible evidence that public borrowing has delivered the development outcomes promised.
## 4. WHY IS THE GOVERNMENT SEEKING SUBSTANTIAL BORROWING APPROXIMATELY THREE MONTHS BEFORE THE 2027 GENERAL ELECTION?
The timing of the proposed borrowing is one of the most serious concerns raised by this petition.
Nigeria is approaching the 2027 general election, a critical democratic process through which citizens will determine the country’s political leadership.
At this time, the Federal Government is pursuing substantial external borrowing arrangements involving different financing institutions and prospective funding sources.
We are concerned that the government is seeking substantial new financing at a time when the political future of the present administration remains subject to the decision of Nigerian voters.
The administration’s continued political leadership beyond the 2027 election cannot be presumed.
The outcome of the election remains uncertain, and the Nigerian people have the constitutional right to determine who will govern the country.
We therefore consider it financially irresponsible to pursue substantial new borrowing immediately before the election without comprehensive public disclosure, transparent project justification and credible safeguards.
We respectfully ask:
1. Why is the government seeking substantial external financing at this particular time?
2. Why should Nigeria take on additional long-term debt immediately before a general election?
3. What proportion of the proposed financing is intended to be disbursed before the election?
4. Which projects will receive the funds?
5. What guarantees exist that the financing will not be exposed to political influence or improper expenditure?
6. What happens to the proposed financing arrangements if the present administration does not continue in office after the election?
7. Why should future administrations and Nigerian taxpayers inherit additional financial obligations without adequate public scrutiny?
The uncertainty surrounding the 2027 election is not, by itself, evidence of wrongdoing.
However, it reinforces the need for responsible financial decision-making.
A GOVERNMENT APPROACHING AN ELECTION SHOULD NOT IMPOSE SUBSTANTIAL ADDITIONAL LONG-TERM FINANCIAL OBLIGATIONS ON THE NIGERIAN PEOPLE WITHOUT TRANSPARENT JUSTIFICATION, INDEPENDENT SCRUTINY AND CREDIBLE SAFEGUARDS.
We believe that the timing of this borrowing raises legitimate public concerns that deserve urgent attention from international lenders.
## 5. OUR FEARS OF POSSIBLE MISMANAGEMENT AND POLITICAL DIVERSION
Nigerians are increasingly concerned that substantial funds borrowed shortly before a general election could be exposed to political influence, improper expenditure, mismanagement or diversion from their intended purposes.
These concerns are reinforced by the country’s expanding public debt and the questions surrounding the allocation and utilisation of previous borrowing.
We emphasise that this petition does not allege that the proposed funds have already been diverted or that any particular international lender has participated in wrongdoing.
Our position is preventive.
We believe that the risks associated with substantial borrowing during an election period deserve careful consideration.
The potential consequences of inadequate oversight are too serious to ignore.
International lenders must ensure that their financing arrangements do not expose Nigerian taxpayers to additional debt arising from expenditure that fails to deliver genuine public benefits.
NO SUBSTANTIAL NEW FINANCING SHOULD BE RELEASED WITHOUT ADEQUATE ASSURANCES THAT THE FUNDS WILL BE PROTECTED FROM POLITICAL INTERFERENCE AND USED EXCLUSIVELY FOR THEIR APPROVED PURPOSES.
## 6. NIGERIANS MUST NOT INHERIT ADDITIONAL DEBT WITHOUT TRANSPARENCY
Every external loan obtained by Nigeria creates financial obligations for the Nigerian state and its citizens.
The responsibility for repayment does not end with the administration that negotiates or receives the financing.
It extends to future governments, future generations and millions of Nigerians who may never directly benefit from the projects financed.
We therefore insist that international lenders consider the long-term consequences of releasing substantial new funds immediately before a national election.
Nigerians deserve to know:
- What they are borrowing.
- Why they are borrowing it.
- Who will receive the financing.
- Which projects will benefit.
- How the funds will be monitored.
- How the resulting debt will be repaid.
We believe that responsible international financing must be guided by the interests of the people whose taxes and national resources ultimately support repayment.
## 7. THE 2027 GENERAL ELECTION MUST BE PROTECTED
Nigeria’s 2027 general election represents a critical democratic process through which citizens will determine the country’s political leadership.
The election must be conducted in an environment where public resources are protected from improper political influence.
The release of substantial new external financing immediately before an election could create legitimate public concerns about the timing, allocation and use of government resources.
We therefore call upon international lenders to exercise heightened caution and ensure that their financing decisions do not undermine public confidence in Nigeria’s democratic process.
We are not asking international institutions to interfere in Nigeria’s electoral affairs.
We are asking them to exercise responsible financial oversight and recognise that the timing of substantial public financing matters.
The integrity of the electoral process, the responsible management of public funds and the protection of national debt must remain important considerations in financing decisions.
## 8. OUR DEMANDS TO INTERNATIONAL LENDERS AND FINANCIAL INSTITUTIONS
We respectfully demand the following:
### FIRST: SUSPENSION OF PENDING FINANCING
Suspend the approval, finalisation, signing and discretionary disbursement of new external loans associated with the proposed borrowing programme until after the conclusion of Nigeria’s 2027 general election, wherever legally and contractually possible.
### SECOND: NO PRE-ELECTION DISCRETIONARY DISBURSEMENT
Ensure that funds from pending financing arrangements are not released for discretionary expenditure before the conclusion of the 2027 general election.
Any existing contractual obligations should be reviewed in accordance with applicable agreements, with appropriate safeguards against improper expenditure.
### THIRD: FULL PUBLIC DISCLOSURE
Require the Federal Government to publish comprehensive information concerning the proposed borrowing programme, including:
- The total amount currently being sought.
- The specific institutions and lenders involved.
- The amount requested from each financing institution.
- The status of each loan or financing arrangement.
- The projects and programmes to be financed.
- The allocation of funds to individual projects.
- The identities of implementing agencies and proposed contractors.
- Interest rates, repayment schedules and maturity periods.
- The intended disbursement timetable.
- Independent monitoring and accountability arrangements.
### FOURTH: INDEPENDENT REVIEW OF PREVIOUS BORROWING
Require a comprehensive and independent review of external loans obtained under the previous eight-year Buhari administration and the present Tinubu administration.
The review should establish:
- The total amount borrowed during each administration.
- The financing institutions involved.
- The projects for which the loans were obtained.
- The relationship between loan proceeds and approved budgetary allocations.
- The amounts actually disbursed and spent.
- The status of projects financed.
- The measurable public benefits delivered.
- Any outstanding obligations and repayment schedules.
### FIFTH: INDEPENDENT FINANCIAL OVERSIGHT
Require credible independent verification of the intended use of funds, transparent procurement procedures and effective mechanisms for monitoring expenditure.
### SIXTH: PROTECTION AGAINST POLITICAL DIVERSION
Ensure that financing arrangements contain enforceable safeguards against political interference, improper expenditure and diversion from approved development purposes.
### SEVENTH: POST-ELECTION REVIEW
Require a transparent review of the proposed financing programme after the 2027 general election.
Such a review should assess project readiness, financing conditions, accountability arrangements and public disclosure of relevant financial information before deferred discretionary disbursements are considered.
### EIGHTH: PROTECTION OF NIGERIAN TAXPAYERS
Ensure that Nigeria’s citizens are not burdened with additional debt obligations without adequate evidence that the financing will deliver measurable public benefits.
### NINTH: TRANSPARENCY REGARDING EXISTING COMMITMENTS
Clearly distinguish between financing that remains under consideration, financing that has received approval, financing that has been signed or contractually committed, and funds already disbursed.
Where financing has already been approved or committed, we request appropriate safeguards, independent monitoring and public disclosure consistent with applicable agreements.
## 9. OUR APPEAL TO THE WORLD BANK, AFRICAN DEVELOPMENT BANK, IMF AND INTERNATIONAL INVESTORS
We respectfully appeal to the leadership of the World Bank Group, the International Monetary Fund, the African Development Bank, bilateral development partners, international commercial banks, bond arrangers and prospective investors.
We ask you to exercise your financial responsibility and influence to ensure that Nigeria’s proposed borrowing is handled with transparency, prudence and accountability.
We recognise that these institutions have different mandates, lending policies and contractual obligations.
We also recognise that not every institution may be directly involved in the proposed financing.
Our appeal is therefore directed specifically to those institutions and financial intermediaries involved in, considering or facilitating Nigeria’s proposed external borrowing.
We ask international lenders to consider the following principle:
DEVELOPMENT FINANCING MUST SERVE THE PEOPLE AND MUST NOT CREATE UNNECESSARY FINANCIAL RISKS DURING AN ELECTION PERIOD.
Nigeria’s economic development should not be separated from the protection of democratic institutions, public accountability and responsible national debt management.
We respectfully urge international lenders to prioritise transparency, prudent financial management and the long-term interests of the Nigerian people.
## 10. OUR POSITION
We are not opposed to development.
We are not opposed to legitimate infrastructure financing.
We are not opposed to international cooperation.
We are not opposed to responsible borrowing where it is transparent, economically justified and beneficial to the Nigerian people.
We are opposed to the release of substantial new external financing without adequate public disclosure, independent oversight and credible safeguards during the period immediately preceding the 2027 general election.
We believe that postponing discretionary disbursement until after the election would provide an opportunity for greater scrutiny, reduce public anxiety and strengthen confidence in the responsible management of Nigeria’s financial obligations.
We believe that international financing must be guided by the interests of the people who ultimately bear the cost of repayment.
We believe that transparency is essential.
We believe that accountability is non-negotiable.
And we believe that the Nigerian people deserve the opportunity to understand and scrutinise the financial decisions being made in their name.
## 11. OUR FINAL DEMAND
We respectfully call upon all international lenders, financial institutions, bond arrangers, investors and prospective financing partners involved in Nigeria’s proposed external borrowing programme to:
SUSPEND THE RELEASE OF PENDING AND DISCRETIONARY EXTERNAL LOAN FUNDS UNTIL AFTER THE 2027 GENERAL ELECTION.
We further demand that any subsequent disbursement be subject to:
1. Full public disclosure of the financing arrangements.
2. Independent oversight and credible monitoring.
3. Transparent procurement and expenditure procedures.
4. Effective safeguards against political interference and diversion.
5. Clear identification of the projects and public benefits to be financed.
6. Appropriate post-election review of pending financing arrangements.
7. Independent assessment of previous borrowing and its utilisation.
We ask international lenders to carefully consider the timing of their financing decisions and the long-term consequences for Nigerian taxpayers.
We believe that the Nigerian people deserve to know how their future is being financed.
We believe that public borrowing must be responsible.
We believe that national debt must serve national development.
And we believe that the integrity of Nigeria’s democratic process must be protected.
# OUR MESSAGE TO INTERNATIONAL LENDERS
OUR MONEY. OUR FUTURE. OUR DEMOCRACY.
NO NEW DISCRETIONARY EXTERNAL LOAN DISBURSEMENT BEFORE THE 2027 GENERAL ELECTION.
SUSPEND THE LOAN. PROTECT NIGERIANS.
TRANSPARENCY BEFORE BORROWING. ACCOUNTABILITY BEFORE DISBURSEMENT.
---
# SIGN THE PETITION
We call upon Nigerians at home and in the diaspora to stand together in demanding transparency, accountability and responsible management of our nation’s finances.
Our objective is to mobilize:
# 10 MILLION TO 20 MILLION NIGERIAN SIGNATURES
in support of this national appeal.
Every signature represents a citizen demanding that Nigeria’s financial future be protected.
Every signature strengthens the call for accountability.
Every signature sends a message to international lenders that Nigerians are watching.
Every signature demonstrates that Nigerians want responsible borrowing, transparency and protection of public resources.
### WE CALL ON:
Nigerians in all 36 states and the Federal Capital Territory.
Nigerians in the diaspora.
Civil society organizations.
Professional associations.
Students and youth organizations.
Workers and taxpayers.
Business communities.
Democratic and civic organizations.
All concerned citizens who believe in responsible public finance.
SIGN. SHARE. MOBILISE.
Let our collective voice be heard by the institutions financing Nigeria.
Let our national debt be managed responsibly.
Let our public resources be protected.
Let our democracy be safeguarded.
## SIGNATURE DECLARATION
By signing this petition, I support the demand for transparency, accountability and responsible management of Nigeria’s external borrowing.
I call upon international lenders and financial institutions involved in Nigeria’s proposed external borrowing programme to suspend pending and discretionary loan disbursements until after the 2027 general election, wherever legally and contractually possible.
I further call for full public disclosure, independent oversight and credible safeguards before any subsequent disbursement.
I SUPPORT THE SUSPENSION OF PENDING EXTERNAL LOAN DISBURSEMENTS UNTIL AFTER THE 2027 GENERAL ELECTION.
---
SIGNED:
Concerned Nigerians
Nigerian Citizens and Taxpayers
Civil Society Organisations
Nigerians in the Diaspora
NATIONAL CAMPAIGN FOR TRANSPARENCY, ACCOUNTABILITY AND RESPONSIBLE BORROWING
---
*This petition is a public appeal for responsible financing and preventive safeguards. It does not allege that the proposed funds have already been misused or that any particular lender has acted improperly. The petition calls for suspension or deferral of pending and discretionary financing wherever legally and contractually possible, together with strengthened safeguards for existing commitments.*
*Debt figures referenced in this petition are total-public-debt stock figures reported by the Debt Management Office. They should not be interpreted as the amount of new borrowing alone. The comparison between administrations should account for inherited liabilities, securitisation, exchange-rate changes and differences in reporting periods.*
### Campaign headline for social media
20 MILLION NIGERIANS MUST SPEAK!
₦166.79 TRILLION IN PUBLIC DEBT. WHY MORE BORROWING BEFORE THE 2027 ELECTION?
Eight years under Buhari. More than three years under Tinubu.
Nigeria’s public debt has expanded substantially, and Nigerians deserve to know where previous loans went, how they were allocated and what benefits they delivered.
With the 2027 general election approaching, we demand transparency, accountability and responsible management of our national debt.
We call on international lenders to suspend pending and discretionary disbursements under Nigeria’s proposed external borrowing programme until after the election.
SIGN THE PETITION. DEMAND ACCOUNTABILITY. PROTECT NIGERIA’S FUTURE.
### Official debt references
* [Debt Management Office — Total Public Debt](https://www.dmo.gov.ng/debt-profile/total-public-debt
* [Debt Management Office — December 2022 Public Debt Release](https://www.dmo.gov.ng/4292-press-release-nigeria-s-total-public-debt-data-as-at-december-31-2022
21
The Issue
NATIONAL PETITION TO INTERNATIONAL LENDERS AND FINANCIAL INSTITUTIONS
STOP NIGERIA’S PROPOSED EXTERNAL BORROWING UNTIL AFTER THE 2027 GENERAL ELECTION
A National Appeal for Transparency, Accountability, Responsible Borrowing and the Protection of Nigerian Taxpayers
CAMPAIGN TARGET: 10–20 MILLION NIGERIAN SIGNATURES
TO:
The President and Executive Directors of the World Bank Group
The President of the African Development Bank
The Managing Director of the International Monetary Fund
International and bilateral development finance institutions
International commercial banks, bond arrangers, prospective lenders and investors participating in Nigeria’s external borrowing programme
COPIES TO:
The Federal Ministry of Finance, Federal Republic of Nigeria
The Debt Management Office, Nigeria
The National Assembly of the Federal Republic of Nigeria
Relevant international financial oversight authorities
International development partners and prospective financing institutions
---
## THE PETITION
We, the undersigned Nigerians, citizens, taxpayers, professionals, business owners, students, workers, civil society organisations and concerned members of the Nigerian diaspora, hereby respectfully petition international financial institutions, prospective lenders, commercial banks, bond arrangers and investors involved in Nigeria’s proposed external borrowing programme to:
SUSPEND THE APPROVAL, FINALISATION AND DISCRETIONARY DISBURSEMENT OF THE PROPOSED EXTERNAL LOANS UNTIL AFTER THE 2027 GENERAL ELECTION.
We are deeply concerned about the timing, scale, transparency and potential consequences of the Federal Government’s proposed external borrowing at a time when Nigeria is approaching a critical national election.
The proposed borrowing programme, previously reported at approximately $20.52 billion and €1.05 billion, has generated widespread public concern regarding the country’s financial obligations, the purpose of the borrowing and the potential implications for Nigerian taxpayers.
Following subsequent changes to the borrowing proposal, we call for full clarification of the current financing arrangements, the institutions involved, the amounts being sought and the status of each proposed loan.
Our petition is directed at the institutions, lenders, investors and financial intermediaries participating in or considering financing the proposed external borrowing.
We recognize that responsible borrowing can support infrastructure, healthcare, education, agriculture, economic development and other essential public services.
However, substantial new borrowing immediately before a general election raises legitimate questions that deserve urgent answers.
Nigerians must not be expected to accept additional national debt without adequate transparency, meaningful public disclosure, independent oversight and credible safeguards against the possible misuse of public resources.
## 1. THE DEBT BURDEN OF THE APC GOVERNMENT: EIGHT YEARS UNDER BUHARI AND THE PRESENT TINUBU ADMINISTRATION
Nigeria’s growing public debt is one of the most serious concerns confronting the Nigerian people.
During the eight-year administration of former President Muhammadu Buhari, the APC government accumulated substantial public debt obligations.
According to the Debt Management Office, Nigeria’s total public debt stood at approximately ₦12.12 trillion as of June 30, 2015.
By December 31, 2022, the country’s total public debt had increased to approximately ₦46.25 trillion.
This represents an increase of approximately ₦34.13 trillion in the reported public debt stock during the period.
We recognise that this comparison reflects the total public debt stock and not exclusively new borrowing. It includes domestic and external debt, obligations of the Federal Government and subnational governments, and changes resulting from the conversion and recognition of existing liabilities.
Nevertheless, the substantial increase in Nigeria’s public debt during the eight-year Buhari administration raises important questions about the country’s borrowing strategy, financial obligations and the benefits delivered to Nigerian citizens.
The present administration of President Bola Ahmed Tinubu assumed office on May 29, 2023.
The Debt Management Office reported total public debt of approximately ₦87.38 trillion as of June 30, 2023, and approximately ₦166.79 trillion as of June 30, 2026.
However, the June 2023 figure included approximately ₦22.71 trillion in securitised Ways and Means Advances, which had not previously been included in the same manner in the published public debt stock.
We therefore acknowledge that the increase in the reported debt stock cannot be attributed entirely to new borrowing by the present administration.
Even with this important qualification, the continued expansion of Nigeria’s public debt under the present administration demands urgent public scrutiny.
The Nigerian people deserve a comprehensive account of the loans obtained, the projects financed, the amounts disbursed, the funds utilised and the financial obligations transferred to future generations.
OUR QUESTION IS SIMPLE: WHERE ARE THE BENEFITS OF THE PREVIOUS BORROWING, AND WHY SHOULD NIGERIANS ACCEPT ANOTHER SUBSTANTIAL EXTERNAL LOAN WITHOUT FULL TRANSPARENCY?
We respectfully call upon international lenders to consider Nigeria’s existing debt burden before approving or releasing additional financing.
We further demand an independent and comprehensive review of the borrowing undertaken during both the Buhari and Tinubu administrations.
Such a review must establish:
1. The total amount borrowed during each administration.
2. The institutions and lenders involved.
3. The projects and programmes financed.
4. The relationship between loan proceeds and approved national budgetary allocations.
5. The amounts actually disbursed and spent.
6. The status of the projects financed.
7. The measurable benefits delivered to Nigerian citizens.
8. The outstanding repayment obligations.
We believe that the Nigerian people must not be asked to accept additional national debt without adequate evidence that previous borrowing has been properly allocated, utilised and accounted for.
## 2. WHERE ARE THE PREVIOUS LOANS, AND WHAT HAVE NIGERIANS RECEIVED IN RETURN?
One of our greatest concerns is the relationship between Nigeria’s growing debt obligations and the actual development outcomes experienced by ordinary citizens.
Nigerians continue to face significant economic challenges, including rising living costs, pressure on household incomes, infrastructure deficiencies and increasing financial obligations.
We believe that the government must demonstrate clearly how previous borrowing has translated into measurable public benefits.
We are particularly concerned about the transparency of loan utilisation and the relationship between external borrowing, national budgetary allocations and the execution of public projects.
Our concern is that Nigerians have not received sufficient public disclosure to independently establish how all relevant borrowing arrangements have been allocated, incorporated into approved budgetary frameworks, monitored and evaluated.
We therefore demand:
- A comprehensive public accounting of external loans obtained by the Buhari administration during its eight years in office.
- A comprehensive public accounting of external loans obtained by the present administration since May 2023.
- A clear identification of the projects financed by each loan.
- The amount allocated to each project.
- The amount actually disbursed.
- The amount spent and the remaining balance.
- The names of implementing agencies and contractors.
- Independent verification of project completion and measurable public benefits.
We further call for an independent review of whether previous external loans were properly reflected in approved national budgetary allocations and whether their utilisation complied with applicable financial and procurement requirements.
BEFORE NIGERIA TAKES ON ADDITIONAL DEBT, NIGERIANS DESERVE TO KNOW WHAT HAPPENED TO THE MONEY BORROWED PREVIOUSLY.
## 3. OUR CONCERN ABOUT LOANS AND NATIONAL BUDGETARY ALLOCATIONS
We are particularly concerned about the transparency of the relationship between external borrowing and Nigeria’s national budget.
Our concern is that the government has not adequately demonstrated to the Nigerian public how previous external loans have been transparently incorporated into approved budgetary allocations, project appropriations and expenditure reporting.
We believe that borrowing must not operate as a parallel financial arrangement outside meaningful public scrutiny.
Every substantial loan should have a clearly identified purpose, an approved project allocation, a transparent disbursement process and an independently verifiable public benefit.
We therefore call upon international lenders to require the Federal Government to demonstrate:
1. The specific budgetary allocation associated with each proposed loan.
2. The approved projects and programmes to be financed.
3. The legislative and administrative approvals applicable to the borrowing.
4. The relationship between loan proceeds and national budget expenditure.
5. The procedures for procurement, disbursement and expenditure monitoring.
6. The mechanisms through which citizens can independently verify the use of funds.
We further demand an independent examination of previous borrowing arrangements to determine whether loan proceeds were properly allocated and utilised in accordance with their stated purposes.
We are concerned that the public has not been provided with sufficient transparent evidence to independently establish the relationship between the government’s borrowing programmes and the actual budgetary allocations and development outcomes.
WE DO NOT BELIEVE THAT NIGERIANS SHOULD BE ASKED TO ACCEPT ANOTHER SUBSTANTIAL BORROWING PROGRAMME WITHOUT FIRST RECEIVING TRANSPARENT EVIDENCE OF HOW PREVIOUS LOANS WERE ALLOCATED AND UTILISED.
Our demand is not based on an assumption that every previous loan was misused.
It is based on the need for accountability, proper financial reporting and credible evidence that public borrowing has delivered the development outcomes promised.
## 4. WHY IS THE GOVERNMENT SEEKING SUBSTANTIAL BORROWING APPROXIMATELY THREE MONTHS BEFORE THE 2027 GENERAL ELECTION?
The timing of the proposed borrowing is one of the most serious concerns raised by this petition.
Nigeria is approaching the 2027 general election, a critical democratic process through which citizens will determine the country’s political leadership.
At this time, the Federal Government is pursuing substantial external borrowing arrangements involving different financing institutions and prospective funding sources.
We are concerned that the government is seeking substantial new financing at a time when the political future of the present administration remains subject to the decision of Nigerian voters.
The administration’s continued political leadership beyond the 2027 election cannot be presumed.
The outcome of the election remains uncertain, and the Nigerian people have the constitutional right to determine who will govern the country.
We therefore consider it financially irresponsible to pursue substantial new borrowing immediately before the election without comprehensive public disclosure, transparent project justification and credible safeguards.
We respectfully ask:
1. Why is the government seeking substantial external financing at this particular time?
2. Why should Nigeria take on additional long-term debt immediately before a general election?
3. What proportion of the proposed financing is intended to be disbursed before the election?
4. Which projects will receive the funds?
5. What guarantees exist that the financing will not be exposed to political influence or improper expenditure?
6. What happens to the proposed financing arrangements if the present administration does not continue in office after the election?
7. Why should future administrations and Nigerian taxpayers inherit additional financial obligations without adequate public scrutiny?
The uncertainty surrounding the 2027 election is not, by itself, evidence of wrongdoing.
However, it reinforces the need for responsible financial decision-making.
A GOVERNMENT APPROACHING AN ELECTION SHOULD NOT IMPOSE SUBSTANTIAL ADDITIONAL LONG-TERM FINANCIAL OBLIGATIONS ON THE NIGERIAN PEOPLE WITHOUT TRANSPARENT JUSTIFICATION, INDEPENDENT SCRUTINY AND CREDIBLE SAFEGUARDS.
We believe that the timing of this borrowing raises legitimate public concerns that deserve urgent attention from international lenders.
## 5. OUR FEARS OF POSSIBLE MISMANAGEMENT AND POLITICAL DIVERSION
Nigerians are increasingly concerned that substantial funds borrowed shortly before a general election could be exposed to political influence, improper expenditure, mismanagement or diversion from their intended purposes.
These concerns are reinforced by the country’s expanding public debt and the questions surrounding the allocation and utilisation of previous borrowing.
We emphasise that this petition does not allege that the proposed funds have already been diverted or that any particular international lender has participated in wrongdoing.
Our position is preventive.
We believe that the risks associated with substantial borrowing during an election period deserve careful consideration.
The potential consequences of inadequate oversight are too serious to ignore.
International lenders must ensure that their financing arrangements do not expose Nigerian taxpayers to additional debt arising from expenditure that fails to deliver genuine public benefits.
NO SUBSTANTIAL NEW FINANCING SHOULD BE RELEASED WITHOUT ADEQUATE ASSURANCES THAT THE FUNDS WILL BE PROTECTED FROM POLITICAL INTERFERENCE AND USED EXCLUSIVELY FOR THEIR APPROVED PURPOSES.
## 6. NIGERIANS MUST NOT INHERIT ADDITIONAL DEBT WITHOUT TRANSPARENCY
Every external loan obtained by Nigeria creates financial obligations for the Nigerian state and its citizens.
The responsibility for repayment does not end with the administration that negotiates or receives the financing.
It extends to future governments, future generations and millions of Nigerians who may never directly benefit from the projects financed.
We therefore insist that international lenders consider the long-term consequences of releasing substantial new funds immediately before a national election.
Nigerians deserve to know:
- What they are borrowing.
- Why they are borrowing it.
- Who will receive the financing.
- Which projects will benefit.
- How the funds will be monitored.
- How the resulting debt will be repaid.
We believe that responsible international financing must be guided by the interests of the people whose taxes and national resources ultimately support repayment.
## 7. THE 2027 GENERAL ELECTION MUST BE PROTECTED
Nigeria’s 2027 general election represents a critical democratic process through which citizens will determine the country’s political leadership.
The election must be conducted in an environment where public resources are protected from improper political influence.
The release of substantial new external financing immediately before an election could create legitimate public concerns about the timing, allocation and use of government resources.
We therefore call upon international lenders to exercise heightened caution and ensure that their financing decisions do not undermine public confidence in Nigeria’s democratic process.
We are not asking international institutions to interfere in Nigeria’s electoral affairs.
We are asking them to exercise responsible financial oversight and recognise that the timing of substantial public financing matters.
The integrity of the electoral process, the responsible management of public funds and the protection of national debt must remain important considerations in financing decisions.
## 8. OUR DEMANDS TO INTERNATIONAL LENDERS AND FINANCIAL INSTITUTIONS
We respectfully demand the following:
### FIRST: SUSPENSION OF PENDING FINANCING
Suspend the approval, finalisation, signing and discretionary disbursement of new external loans associated with the proposed borrowing programme until after the conclusion of Nigeria’s 2027 general election, wherever legally and contractually possible.
### SECOND: NO PRE-ELECTION DISCRETIONARY DISBURSEMENT
Ensure that funds from pending financing arrangements are not released for discretionary expenditure before the conclusion of the 2027 general election.
Any existing contractual obligations should be reviewed in accordance with applicable agreements, with appropriate safeguards against improper expenditure.
### THIRD: FULL PUBLIC DISCLOSURE
Require the Federal Government to publish comprehensive information concerning the proposed borrowing programme, including:
- The total amount currently being sought.
- The specific institutions and lenders involved.
- The amount requested from each financing institution.
- The status of each loan or financing arrangement.
- The projects and programmes to be financed.
- The allocation of funds to individual projects.
- The identities of implementing agencies and proposed contractors.
- Interest rates, repayment schedules and maturity periods.
- The intended disbursement timetable.
- Independent monitoring and accountability arrangements.
### FOURTH: INDEPENDENT REVIEW OF PREVIOUS BORROWING
Require a comprehensive and independent review of external loans obtained under the previous eight-year Buhari administration and the present Tinubu administration.
The review should establish:
- The total amount borrowed during each administration.
- The financing institutions involved.
- The projects for which the loans were obtained.
- The relationship between loan proceeds and approved budgetary allocations.
- The amounts actually disbursed and spent.
- The status of projects financed.
- The measurable public benefits delivered.
- Any outstanding obligations and repayment schedules.
### FIFTH: INDEPENDENT FINANCIAL OVERSIGHT
Require credible independent verification of the intended use of funds, transparent procurement procedures and effective mechanisms for monitoring expenditure.
### SIXTH: PROTECTION AGAINST POLITICAL DIVERSION
Ensure that financing arrangements contain enforceable safeguards against political interference, improper expenditure and diversion from approved development purposes.
### SEVENTH: POST-ELECTION REVIEW
Require a transparent review of the proposed financing programme after the 2027 general election.
Such a review should assess project readiness, financing conditions, accountability arrangements and public disclosure of relevant financial information before deferred discretionary disbursements are considered.
### EIGHTH: PROTECTION OF NIGERIAN TAXPAYERS
Ensure that Nigeria’s citizens are not burdened with additional debt obligations without adequate evidence that the financing will deliver measurable public benefits.
### NINTH: TRANSPARENCY REGARDING EXISTING COMMITMENTS
Clearly distinguish between financing that remains under consideration, financing that has received approval, financing that has been signed or contractually committed, and funds already disbursed.
Where financing has already been approved or committed, we request appropriate safeguards, independent monitoring and public disclosure consistent with applicable agreements.
## 9. OUR APPEAL TO THE WORLD BANK, AFRICAN DEVELOPMENT BANK, IMF AND INTERNATIONAL INVESTORS
We respectfully appeal to the leadership of the World Bank Group, the International Monetary Fund, the African Development Bank, bilateral development partners, international commercial banks, bond arrangers and prospective investors.
We ask you to exercise your financial responsibility and influence to ensure that Nigeria’s proposed borrowing is handled with transparency, prudence and accountability.
We recognise that these institutions have different mandates, lending policies and contractual obligations.
We also recognise that not every institution may be directly involved in the proposed financing.
Our appeal is therefore directed specifically to those institutions and financial intermediaries involved in, considering or facilitating Nigeria’s proposed external borrowing.
We ask international lenders to consider the following principle:
DEVELOPMENT FINANCING MUST SERVE THE PEOPLE AND MUST NOT CREATE UNNECESSARY FINANCIAL RISKS DURING AN ELECTION PERIOD.
Nigeria’s economic development should not be separated from the protection of democratic institutions, public accountability and responsible national debt management.
We respectfully urge international lenders to prioritise transparency, prudent financial management and the long-term interests of the Nigerian people.
## 10. OUR POSITION
We are not opposed to development.
We are not opposed to legitimate infrastructure financing.
We are not opposed to international cooperation.
We are not opposed to responsible borrowing where it is transparent, economically justified and beneficial to the Nigerian people.
We are opposed to the release of substantial new external financing without adequate public disclosure, independent oversight and credible safeguards during the period immediately preceding the 2027 general election.
We believe that postponing discretionary disbursement until after the election would provide an opportunity for greater scrutiny, reduce public anxiety and strengthen confidence in the responsible management of Nigeria’s financial obligations.
We believe that international financing must be guided by the interests of the people who ultimately bear the cost of repayment.
We believe that transparency is essential.
We believe that accountability is non-negotiable.
And we believe that the Nigerian people deserve the opportunity to understand and scrutinise the financial decisions being made in their name.
## 11. OUR FINAL DEMAND
We respectfully call upon all international lenders, financial institutions, bond arrangers, investors and prospective financing partners involved in Nigeria’s proposed external borrowing programme to:
SUSPEND THE RELEASE OF PENDING AND DISCRETIONARY EXTERNAL LOAN FUNDS UNTIL AFTER THE 2027 GENERAL ELECTION.
We further demand that any subsequent disbursement be subject to:
1. Full public disclosure of the financing arrangements.
2. Independent oversight and credible monitoring.
3. Transparent procurement and expenditure procedures.
4. Effective safeguards against political interference and diversion.
5. Clear identification of the projects and public benefits to be financed.
6. Appropriate post-election review of pending financing arrangements.
7. Independent assessment of previous borrowing and its utilisation.
We ask international lenders to carefully consider the timing of their financing decisions and the long-term consequences for Nigerian taxpayers.
We believe that the Nigerian people deserve to know how their future is being financed.
We believe that public borrowing must be responsible.
We believe that national debt must serve national development.
And we believe that the integrity of Nigeria’s democratic process must be protected.
# OUR MESSAGE TO INTERNATIONAL LENDERS
OUR MONEY. OUR FUTURE. OUR DEMOCRACY.
NO NEW DISCRETIONARY EXTERNAL LOAN DISBURSEMENT BEFORE THE 2027 GENERAL ELECTION.
SUSPEND THE LOAN. PROTECT NIGERIANS.
TRANSPARENCY BEFORE BORROWING. ACCOUNTABILITY BEFORE DISBURSEMENT.
---
# SIGN THE PETITION
We call upon Nigerians at home and in the diaspora to stand together in demanding transparency, accountability and responsible management of our nation’s finances.
Our objective is to mobilize:
# 10 MILLION TO 20 MILLION NIGERIAN SIGNATURES
in support of this national appeal.
Every signature represents a citizen demanding that Nigeria’s financial future be protected.
Every signature strengthens the call for accountability.
Every signature sends a message to international lenders that Nigerians are watching.
Every signature demonstrates that Nigerians want responsible borrowing, transparency and protection of public resources.
### WE CALL ON:
Nigerians in all 36 states and the Federal Capital Territory.
Nigerians in the diaspora.
Civil society organizations.
Professional associations.
Students and youth organizations.
Workers and taxpayers.
Business communities.
Democratic and civic organizations.
All concerned citizens who believe in responsible public finance.
SIGN. SHARE. MOBILISE.
Let our collective voice be heard by the institutions financing Nigeria.
Let our national debt be managed responsibly.
Let our public resources be protected.
Let our democracy be safeguarded.
## SIGNATURE DECLARATION
By signing this petition, I support the demand for transparency, accountability and responsible management of Nigeria’s external borrowing.
I call upon international lenders and financial institutions involved in Nigeria’s proposed external borrowing programme to suspend pending and discretionary loan disbursements until after the 2027 general election, wherever legally and contractually possible.
I further call for full public disclosure, independent oversight and credible safeguards before any subsequent disbursement.
I SUPPORT THE SUSPENSION OF PENDING EXTERNAL LOAN DISBURSEMENTS UNTIL AFTER THE 2027 GENERAL ELECTION.
---
SIGNED:
Concerned Nigerians
Nigerian Citizens and Taxpayers
Civil Society Organisations
Nigerians in the Diaspora
NATIONAL CAMPAIGN FOR TRANSPARENCY, ACCOUNTABILITY AND RESPONSIBLE BORROWING
---
*This petition is a public appeal for responsible financing and preventive safeguards. It does not allege that the proposed funds have already been misused or that any particular lender has acted improperly. The petition calls for suspension or deferral of pending and discretionary financing wherever legally and contractually possible, together with strengthened safeguards for existing commitments.*
*Debt figures referenced in this petition are total-public-debt stock figures reported by the Debt Management Office. They should not be interpreted as the amount of new borrowing alone. The comparison between administrations should account for inherited liabilities, securitisation, exchange-rate changes and differences in reporting periods.*
### Campaign headline for social media
20 MILLION NIGERIANS MUST SPEAK!
₦166.79 TRILLION IN PUBLIC DEBT. WHY MORE BORROWING BEFORE THE 2027 ELECTION?
Eight years under Buhari. More than three years under Tinubu.
Nigeria’s public debt has expanded substantially, and Nigerians deserve to know where previous loans went, how they were allocated and what benefits they delivered.
With the 2027 general election approaching, we demand transparency, accountability and responsible management of our national debt.
We call on international lenders to suspend pending and discretionary disbursements under Nigeria’s proposed external borrowing programme until after the election.
SIGN THE PETITION. DEMAND ACCOUNTABILITY. PROTECT NIGERIA’S FUTURE.
### Official debt references
* [Debt Management Office — Total Public Debt](https://www.dmo.gov.ng/debt-profile/total-public-debt
* [Debt Management Office — December 2022 Public Debt Release](https://www.dmo.gov.ng/4292-press-release-nigeria-s-total-public-debt-data-as-at-december-31-2022
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Petition created on 5 November 2026