NASS Must Account For Loans And Budget Or Step Down

NASS.

The Civic Alliance for Fiscal Transparency (CAFT) has called on members of the National Assembly to either hold the executive responsible for recently approved foreign loans and the delayed execution of the 2025 capital budget or resign from their positions.

In a statement issued on Saturday, Engr. Ayodele Olaposi, president of CAFT, expressed frustration with a legislature that “approves loans with one hand and closes its eyes with the other.”

He emphasised that lawmakers’ responsibilities extend beyond approving budgets to ensuring that every borrowed dollar and naira allocated to capital projects yield tangible benefits for the public.

Olaposi noted that although President Bola Tinubu’s administration has achieved revenue increases through fiscal reforms and improved oil revenues, these gains have yet to positively impact ordinary Nigerians due to the slow implementation of the 2025 budget.

“It is unacceptable that after celebrating revenue growth and sanctioning multi-billion-dollar loans, the government still delays the capital budget’s execution,” he said.

“This postponement damages the economy and undermines public trust. Full and transparent budget implementation will demonstrate the administration’s real commitment to national development, not merely managing headlines.”

CAFT highlighted that Nigeria’s debt has continued rising, surpassing N149 trillion by mid-2025, with debt servicing consuming over 60 per cent of federal revenue.

The group warned that without rigorous legislative oversight, future generations will inherit debt without corresponding development.

“The National Assembly must not serve as a rubber stamp for unsustainable borrowing. Every approved loan must be monitored, audited, and linked to measurable outcomes. It is time for legislators to justify the confidence placed in them or step aside for others who will,” Olaposi said.

The organisation urged the federal legislature to demand full transparency regarding the utilisation of new foreign loans, specifying project-by-project expenditure, and prioritising infrastructure, employment, and poverty alleviation.

It also called for the release of quarterly progress reports to rebuild public trust in fiscal management.

“True accountability is not about speeches or committee meetings — it is about results. When roads are constructed, schools operate, and hospitals are equipped, Nigerians will recognise that governance is effective. Until then, every borrowed fund must be closely scrutinised,” the statement added.

CAFT reaffirmed its support for responsible fiscal policies and praised the administration’s commitment to non-oil revenue growth and local industrialisation. However, it stressed that economic achievements must translate into social advancement.

“The government must not let bureaucratic delays sabotage reform efforts. We urge lawmakers to be resolute, demand performance, and ensure the 2025 budget achieves its goal — restoring confidence and delivering development for all Nigerians,” the group concluded.