ActionAid, others protest Nigeria’s rising debt, continued borrowing + Photos
Civil society groups led by ActionAid Nigeria, market women, and university students, on Thursday staged a major protest at the gates of the Federal Ministry of Finance over Nigeria’s rising debt stock and the Federal Government’s continued borrowing.
The demonstrators demanded that international financial institutions and foreign creditors stop granting loans to Nigeria, citing severe concerns over the country’s rapidly escalating debt stock and continuous government borrowing.
They voiced deep concerns over the burden of debt servicing, which they argue severely drains public funds meant for essential infrastructure, health, and education.
The demonstration coincides with heightened pressure from groups like the Nigeria Labour Congress (NLC) regarding record-high petrol prices and widespread economic hardship.
The protesters, who gathered at the ministry’s premises, called on the Federal Government to reconsider further borrowing, while urging the World Bank and International Monetary Fund (IMF) to stop extending additional loans to Nigeria.
The demonstrators said continued borrowing was placing a growing burden on Nigerians and called on the international financial institutions to “let Nigeria breathe.”
They equally urged the government to explore alternatives to further borrowing and prioritise measures that would address the economic pressures facing Nigerians.
