- The Kwankwasiyya Movement, a group of supporters of Rabi’u Musa Kwankwaso, former governor of Kano state, has warned of what it described as the growing danger of Nigeria’s rising debt profile, accusing the Federal Government of Nigeria of reckless borrowing and the National Assembly of failing in its constitutional oversight role.
BIzPoint reports that the Senate has on Tuesday approved President Bola Tinubu’s request to secure fresh external loans totalling $6 billion, aimed at plugging fiscal gaps and financing key infrastructure projects.
But, in a statement issued in Kano, the movement’s spokesperson, Dr Habibu Sale Mohammed, said the continued approval of borrowing requests without adequate scrutiny poses a serious threat to the country’s economic stability.
“It is deeply concerning that Nigeria is being plunged into further debt without transparent justification, broad consultation, or a clear framework for equitable utilisation,” Mohammed said.
He noted that the pattern of borrowing, coming shortly after recent London debt arrangements, raises critical questions about fiscal discipline and long-term sustainability.
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“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 stated.
The movement also expressed concern over what it described as an imbalance in how borrowed funds are being allocated and deployed across the country.
“Even more troubling is the perception that these resources are being skewed in favour of a particular part of the country. Such imbalance undermines national unity and deepens inequality in an already fragile federation,” Mohammed said.
He criticised the National Assembly for what he called an apparent alignment with the executive arm of government, rather than acting as an independent check on power.
“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 him, the erosion of effective opposition within the legislature weakens democratic governance and concentrates excessive power in the executive.
“When critical decisions such as massive borrowing requests are passed without rigorous scrutiny, it undermines the very essence of representative democracy,” Mohammed added.
The Kwankwasiyya Movement warned that weakening institutional checks and balances could have far-reaching consequences for Nigeria’s unity and stability.
“Nigeria is built on fairness, justice, and shared prosperity. Any policy that tilts resources disproportionately or weakens democratic institutions threatens these foundations,” he said.
The group called on civil society organisations, opposition parties, and citizens to demand greater accountability and transparency in governance.
“We urge all well-meaning Nigerians to rise to their constitutional responsibility of holding government accountable and resisting any attempt to weaken democratic institutions,” Mohammed said.
He reiterated the movement’s commitment to responsible governance and called on the federal government to review its fiscal approach.
“The government must immediately halt indiscriminate borrowing, ensure fair distribution of resources, and restore the independence and integrity of our democratic institutions,” he said.
Mohammed concluded by warning that Nigeria’s future depends on adherence to core democratic principles.
“Justice, balance, and accountability are essential to Nigeria’s survival and progress. Anything short of these endangers the unity and future of our nation,” he said.
