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The Civic Alliance for Fiscal Transparency (CAFT) has urged members of the National Assembly to either hold the executive accountable for the newly approved foreign loans and the delayed execution of the 2025 capital budget or resign from their positions.
In a statement released on Saturday, Engr. Ayodele Olaposi, president of CAFT, expressed that Nigerians are frustrated with a legislature that “approves loans with one hand while turning a blind eye with the other.”
He emphasized that the responsibilities of lawmakers extend beyond mere appropriation; they must ensure that every dollar borrowed and every naira allocated for capital projects yields tangible results for the citizens.
Olaposi noted that although President Bola Tinubu’s administration has achieved revenue increases through fiscal reforms and enhanced oil receipts, these benefits have yet to be felt by the average Nigerian, as the 2025 budget remains largely unexecuted.
“It is unacceptable that after celebrating revenue growth and approving multi-billion-dollar loans, the government continues to delay the 2025 capital budget,” he stated.
“This delay negatively impacts the economy and undermines public trust. Full and transparent implementation of the budget will demonstrate this administration's genuine commitment to national development rather than merely managing headlines.”
CAFT highlighted that Nigeria’s debt has continued to escalate, surpassing N149 trillion in mid-2025, with debt service obligations now consuming over 60 percent of federal revenue.
The organization cautioned that without stringent legislative oversight, future generations would inherit debts that lack corresponding development.
“The National Assembly must not serve merely as a clearinghouse for unsustainable borrowing. Every loan granted must be monitored, audited, and linked to measurable outcomes. It is time for legislators to validate the trust placed in them or step aside for those who will,” Olaposi remarked.
The group urged the federal legislature to mandate full disclosure regarding how the new foreign loans will be utilized, project by project, and ensure that priority is given to infrastructure, job creation, and poverty alleviation.
They also called for the publication of quarterly progress reports to restore public confidence in fiscal governance.
“True accountability is not about speeches or committee meetings; it is about results. When roads are constructed, schools operate effectively, and hospitals receive necessary equipment, Nigerians will recognize that governance is functioning. Until then, every borrowed fund must remain under scrutiny,” the statement concluded.
CAFT reaffirmed its support for responsible fiscal management and commended the administration’s declared commitment to non-oil revenue growth and local industrialization. However, they insisted that economic success must lead to social progress.
“The government must not allow bureaucratic delays to thwart the promise of reform. We urge lawmakers to remain steadfast, demand accountability, and ensure that the 2025 budget fulfills its purpose — to rebuild trust and foster development for all Nigerians,” the group stated.
Frequently Asked Questions
What is the Civic Alliance for Fiscal Transparency (CAFT)?
CAFT is an organization that advocates for transparency and accountability in fiscal management in Nigeria, particularly in the context of government borrowing and budget implementation.
Why is accountability important in government borrowing?
Accountability is crucial because it ensures that borrowed funds are used effectively and that citizens see tangible benefits from government spending, which helps to maintain public trust and prevent future financial burdens.
What are the potential consequences of rising national debt?
Rising national debt can lead to increased financial obligations for the government, limiting its ability to invest in essential services and infrastructure, and potentially burdening future generations with unsustainable debt levels.
