…NEF is hypocritical, insincere and ill-motivated – group
The Northern Elders Forum (NEF) has called on Nigerians to rise and openly oppose what it describes as reckless and unsustainable borrowing by the Federal Government, warning that the country is drifting toward a dangerous fiscal future if urgent action is not taken.
In a strongly worded public statement, the forum expressed deep concern over the pace and scale of recent loans being sought by the government, arguing that borrowing has become routine without sufficient transparency, accountability, or demonstrable economic benefits to citizens.
NEF warned that Nigeria’s rising debt profile is no longer a technical fiscal issue for policymakers alone but a national concern that threatens long-term economic stability, inter-generational equity, and the ability of future governments to fund basic public services.
According to the elders, while borrowing can be a legitimate tool for development when carefully managed, the current pattern shows weak links between loans obtained and visible capital projects on the ground, raising questions about value for money and fiscal discipline.
The forum specifically expressed alarm at proposals for fresh borrowings running into trillions of naira to fund annual budgets, often before previous loans have translated into measurable improvements in infrastructure, employment, or social welfare.
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NEF also criticised what it described as inadequate legislative oversight, alleging that loan requests are being approved with minimal scrutiny and without thorough assessment of project execution, repayment capacity, or long-term economic impact.
In its appeal, the forum warned Nigerians that silence in the face of unchecked borrowing could amount to complicity, stressing that public debt ultimately becomes the burden of ordinary citizens through higher taxes, reduced social spending, and rising cost of living.
The elders further noted that debt servicing is consuming an increasing share of government revenue, leaving limited fiscal space for education, healthcare, security, and other critical sectors that directly affect citizens’ quality of life.
By urging Nigerians to speak out, NEF said it hopes to encourage national dialogue on responsible economic governance, fiscal prudence, and the need for transparency in public finance management.
The forum concluded that without citizen engagement and accountability, continued heavy borrowing risks locking Nigeria into a cycle of debt dependency, weakened sovereignty, and stalled development, outcomes it warned the nation can ill afford.
Meanwhile, a socio-political group, the North-Central Congress for Good Governance has described the call by the Northern Elders Forum as hypocritical, insincere and ill-motivated. The group queried “where were these hypocritical lot, parading as elders when the Buhari government almost absolutely ruined the Nigerian economy with humongous foreign loans and the controversial Ways and Means fiscal policy abuse?”
