ActionAid Nigeria, market women, university students and other civil society groups on Thursday staged a protest at the Federal Ministry of Finance over Nigeria’s rising debt stock and the Federal Government’s continued reliance on borrowing.
The protesters gathered at the ministry’s premises to express their concerns about the country’s growing debt burden and its potential impact on ordinary Nigerians and the wider economy.
Carrying placards and voicing their opposition to additional borrowing, the groups called on the Federal Government to reconsider plans to take on more loans and instead pursue alternative measures to address the country’s financial challenges.
A major demand of the protesters was directed at international financial institutions, particularly the World Bank and the International Monetary Fund (IMF). They urged both institutions to stop extending additional loans to Nigeria, arguing that continued lending could further increase the financial burden on citizens.
The protesters repeatedly called on the international community to “let Nigeria breathe,” expressing concern that the accumulation of more debt could place greater pressure on future generations.
According to the groups, Nigeria’s increasing debt obligations are already contributing to economic pressures being experienced by citizens. They argued that government policies should focus more on reducing the hardship faced by Nigerians rather than expanding the country’s borrowing commitments.
The demonstration brought together different segments of civil society, including market women and university students, highlighting the broad concern over Nigeria’s debt profile.
The protesters also called for greater attention to alternatives to borrowing, urging the government to strengthen revenue generation, reduce unnecessary expenditure and adopt policies capable of addressing the country’s economic challenges without continuously accumulating new debt.
The demonstration comes amid continued public debate over Nigeria’s borrowing strategy and the sustainability of the country’s debt obligations. Civil society organisations have increasingly called for greater transparency and accountability in the management of borrowed funds, particularly as Nigerians continue to face economic pressures.
The protesters maintained that further borrowing should not be treated as the only solution to the government’s financial needs. Instead, they urged policymakers to consider measures that would improve the economy, protect citizens from additional financial pressure and ensure that public resources are used more efficiently.
The protest reflects growing concern among sections of the Nigerian public about the country’s debt trajectory and the long-term consequences of continued borrowing.
