The Kwankwasiyya Movement has criticised President Bola Tinubu over the approval of a fresh $6 billion external loan, warning that Nigeria’s rising debt profile poses a threat to economic stability.
The group, loyal to former Kano State governor,Rabiu Musa Kwankwaso, accused the Federal Government of reckless borrowing and faulted the National Assembly for failing in its constitutional oversight role.
The Senate had on Tuesday approved President Tinubu’s request to secure the loan, aimed at addressing fiscal gaps and financing key infrastructure projects.
In a statement issued in Kano, the movement’s spokesperson, DrHabibu Sale Mohammed, expressed concern over what he described as a pattern of continued borrowing without adequate scrutiny.
“It is deeply (disturbing) that Nigeria is being plunged into further debts without transparent justification, broad consultation, or a clear framework for equitable utilisation,” Mohammed said.
He noted that the latest loan approval follows recent debt arrangements in London, raising questions about fiscal discipline and long-term sustainability.
“This trend raises serious concerns about accountability and the future of our economy. Borrowing without clarity or restraint risks mortgaging the future of generations yet unborn,” he added.
The group also alleged imbalance in the allocation of borrowed funds across the country, warning that such a trend could undermine national unity.
The Kwankwasiyya Movement further criticised the National Assembly, accusing it of aligning with the executive rather than acting as an independent check.
“The legislature is expected to safeguard the interests of Nigerians, but what we are witnessing is a pattern of uncritical approvals with little debate, resistance, or accountability,” he said.
According to the group, the weakening of opposition within the legislature risks concentrating excessive power in the executive arm of government.
It called on the Federal Government to review its fiscal policies, halt what it described as indiscriminate borrowing, and ensure equitable distribution of resources across the country.
