Group Says Escalating Debt Burden Affects Well-Being of Nigerians

By Abubakar Abba, Kaduna

The escalating debt burden has profound implications for the well-being of Nigerian citizens and failure to act quickly could result in an additional 23 million Nigerians living in poverty and 80 million working-age citizens without a full-time job by 2030.

The Civil Society Legislative Advocacy Centre, Christian Aid, ActionAid, Centre for Democracy and Development, International Budget Partnership, Nigeria Labour Congress, Oxfam, Social Action Accountability Lab, and Paradigm Leadership Support Initiative said this in a statement.

The group was reacting to Nigeria's Economic Challenges and Public Debt Management.

The group noted that these concerning trends underscore the need for the National Assembly to urgently commit to sound reforms and balanced resource allocation, thereby paving the way for significant investment in critical sectors that directly impact the lives of vulnerable Nigerians.

They added that in response to these multifaceted challenges, the National Assembly, as stewards of the nation's economic well-being, should acknowledge the critical importance of exercising their mandate towards steering the nation back on the path of economic stability and prosperity.

The group further requested the National Assembly should commit to as a matter of urgency, investigate the movement and spending of loans received by the Federal Government in the past and present administrations.

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