CSOs Call for Probe into FG’s $3.4bn COVID-19 Loan and Subsidy Savings

A coalition of civil society organizations (CSOs) has urged the National Assembly to investigate the Federal Government’s $3.4 billion loan from the International Monetary Fund (IMF) in April 2020, as well as the savings made from the fuel subsidy removal since May 2023.

The CSOs, led by Auwal Musa Rafsanjani, the Executive Director of the Civil Society Legislative Advocacy Centre (CISLAC), raised concerns about the government’s debt profile, which currently stands at N87.9 trillion or $114.3 billion.

The CSOs argued that the escalating debt burden has severe implications for the well-being of Nigerian citizens and could result in an additional 23 million Nigerians living in poverty and 80 million working-age citizens without full-time jobs by 2030.

They called on the National Assembly to investigate the movement and spending of loans received by the Federal Government in the past and present administrations, including the $3.4 billion loan obtained from the IMF in 2020.

Furthermore, the CSOs urged the government to stop borrowing for recurrent expenditure and to demand accountability for petrol subsidy savings and sincerity of purpose in fulfilling its promises of renewed hope to the millions of Nigerians who are suffering.

The CSOs’ call for a probe into the Federal Government’s $3.4 billion COVID-19 loan and subsidy savings highlights the need for transparency and accountability in the use of public funds.

The National Assembly must take the necessary steps to address these concerns and ensure that the government’s actions are in the best interest of the Nigerian people.