$6bn loan: YPP presidential aspirant, Filani seeks transparency, warns against rising debt

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Filani

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By James Ogunnaike, Abeokuta

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A presidential aspirant on the platform of the Young Progressives Party (YPP), Olajide Filani, has called for transparency and fiscal discipline as the Federal Government moves to secure a fresh $6 billion loan.

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Filani made the call in his Easter message to Christian faithful across the country, where he congratulated Nigerians on the successful completion of the Lenten season, describing Easter as a period of renewal, hope, and sober reflection on the state of the nation.

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He said, “as we approach the joyous celebration of Easter, may the resurrection of Christ bring renewed strength, abiding peace, and divine restoration to our families and to our dear nation”.

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The YPP chieftain, however, expressed concern over the Federal Government’s borrowing plan, warning that additional loans could further strain Nigeria’s debt profile, especially at a time when crude oil prices are reportedly above budget benchmarks.

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“A nation benefiting from improved oil earnings should not be sinking deeper into debt. Ordinarily, higher oil revenues should translate into economic relief for citizens, not fresh borrowing.”

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He questioned the recurring justifications for new loans, including deficit financing, infrastructure development, debt refinancing, and economic stabilisation, insisting that Nigerians deserve more clarity on the country’s fiscal management.

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“Nigerians deserve clear answers on how oil revenues are being managed and why improved earnings have not reflected in better living conditions for the people,” he added.

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Filani cautioned against the growing trend of borrowing to service existing debts, describing it as unsustainable and dangerous for future generations.

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“Taking new loans to repay old ones is a dangerous path that mortgages the future of coming generations,” he warned.

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The presidential hopeful stressed that infrastructure development must be driven by the genuine needs of the people rather than political or personal interests, while also challenging claims of economic stability amid prevailing hardships.

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“True economic stability must focus on reducing inflation, making energy affordable, and empowering citizens to thrive. What we see today is rising inflation, weakened purchasing power, and a high cost of living.”

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He also decried what he described as weak legislative oversight and limited public discourse on key financial decisions, noting that accountability remains the cornerstone of any functional democracy.

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Reaffirming his ambition ahead of the 2027 general elections, Filani said he is offering Nigerians a new direction anchored on transparency, accountability, and sustainable development.

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Quoting Nelson Mandela, he said: “It is the responsibility of the new generation to lead and take charge,” adding, “My generation is ready to reform and reposition Nigeria for genuine progress.”

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He urged Nigerians to remain resolute, informed, and united as the nation looks ahead to 2027, expressing optimism that the Easter season would renew courage and confidence in the country’s future.

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