CISLAC Raises Alarm Over Nigeria’s 75% Debt Surge Under Tinubu

Adedayo Akinwale in Abuja

The Civil Society Legislative Advocacy Centre (CISLAC) has raised the alarm over Nigeria’s startling 75% surge in debt, towering at a staggering N87 trillion.

It noted that the figure represents an increase of 75.29%, or N37.53 trillion, compared to N49.85 trillion recorded at the end of March 2023

The Executive Director of CISLAC, Auwal Rafsanjani, in a statement issued Saturday, expressed concern over the nonchalance displayed by the President Bola Tinubu administration towards the country’s rising debt profile.

He highlighted the concerning fiscal implications for the nation, especially as it struggles to manage debt interest payments, despite the expected monthly savings of approximately N400 billion from fuel subsidy removal.

Rafsanjani said: “At a time when the international community is pushing for substantial debt relief initiatives and multilateral financial reforms, Nigeria’s deepening debt situation and fiscal recklessness are being called into question.

“With Nigeria grappling with both a significant revenue and debt crisis, pressure is mounting on the current administration to address these challenges without further exacerbating borrowings.

“Analysts call for efforts to reduce the cost of governance, broaden the tax net, drive compliance and plug leakages.”

CISLAC stressed that collaboration between the government and taxpayers is encouraged to boost tax revenue, ensuring a strong connection between access to public services and tax compliance.

It said policies promoting tax transparency should be swiftly implemented, and partnerships with taxpayers should be nurtured to ensure the direct utilisation of taxes for infrastructure.

The group said involving informal sector groups in tax compliance efforts and expanding the whistleblowing policy to gather intelligence for tax enforcement is deemed essential.

It emphasised the urgent need for the National Assembly to meticulously scrutinise loan requests, ensuring compliance with the law and alignment with the interests of the Nigerian public.

In response to these pressing concerns, CISLAC issued a fervent call to all well-meaning Nigerians, urging them to persistently demand fiscal prudence and a heightened concern for the citizenry from the government.