Over 50 civil society Organisations have called President Bola Ahmed Tinubu to reschedule Nigeria’s debt with China.
In a communiqué made available to Blueprint and signed by Action Aid Nigeria, BudgIT Foundation, Centre for Social Justice (CSJ), Civil Society Legislative Advocacy Centre (CISLAC), Heinrich Boell Stiftung Nigeria, OXFAM Nigeria, Natural Resource Governance Institute (NRGI), and 48 others CSOs noted that the present situation where the country was spending 80 per cent of its resources to service debt was unsustainable.
Analysts have said that the country spends over 90 per cent of its revenue on debt servicing.
The federal government has put Nigeria’s debt profile at N77 trillion including the Ways and Means from the Central Bank of Nigeria (CBN).
The group noted that the huge debt burden has put the country in a position where it would be difficult to fulfill its commitments to achieve the Sustainable Development Goals (SDG) and contribute to the attainment of the climate goals of the Paris Agreement.
According to them, instead of making accelerated progress, the country, like many others on the continent, is regressing.
They therefore urged the National Assembly to review the existing debt management strategy with a view to strengthen it.
