Kwankwasiyya sounds warning on Nigeria's soaring borrowing, criticizes National Assembly

The Kwankwasiyya Movement has sounded the alarm over Nigeria's escalating debt burden, slamming the Federal Government for its alleged reckless borrowing spree and the National Assembly for its perceived failure to exercise its constitutional oversight duties.

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Dr. Habibu Mohammed, the movement's spokesperson, issued a statement on Wednesday, warning that the lawmakers' consistent approval of borrowing requests without thorough scrutiny poses a significant threat to the country's economic stability.

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Mohammed expressed deep concern that Nigeria is being plunged into further debt without transparent justification, broad consultation, or a clear framework for equitable utilisation, stating that it is deeply concerning that the country is taking on more debt without a clear plan.

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The recent pattern of borrowing, coming on the heels of the London debt arrangements, raises critical questions about the government's fiscal discipline and long-term sustainability, according to Mohammed, who noted that this trend raises serious concerns about accountability and the future of the economy.

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Mohammed stated that borrowing without clarity or restraint risks mortgaging the future of generations yet unborn, highlighting the need for responsible and transparent borrowing practices.

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The movement also raised concerns over the perceived imbalance in the allocation and deployment of borrowed funds across the country, with Mohammed noting that the resources seem to be skewed in favour of a particular part of the country.

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This imbalance, according to Mohammed, undermines national unity and deepens inequality in an already fragile federation, where resources should be distributed fairly and equitably.

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Mohammed criticised the National Assembly for its apparent alignment with the executive arm of government, rather than acting as an independent check on power, stating that the legislature is expected to safeguard the interests of Nigerians.

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He argued that the pattern of uncritical approvals with little debate, resistance, or accountability weakens democratic governance and concentrates excessive power in the executive, undermining the principles of representative democracy.

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When critical decisions such as massive borrowing requests are passed without rigorous scrutiny, it undermines the very essence of representative democracy, according to Mohammed, who emphasized the need for robust oversight and accountability.

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The erosion of effective opposition within the legislature, Mohammed added, weakens democratic governance and threatens the stability of the country, highlighting the need for a strong and independent legislature.

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The Kwankwasiyya Movement warned that weakening institutional checks and balances could have far-reaching consequences for Nigeria's unity and stability, stating that the country is built on fairness, justice, and shared prosperity.

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Any policy that tilts resources disproportionately or weakens democratic institutions, Mohammed said, threatens these foundations and undermines the country's long-term stability and prosperity.

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The group called on civil society organisations, opposition parties, and citizens to demand greater accountability and transparency in governance, urging them to take an active role in promoting good governance and responsible leadership.

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Mohammed stressed that the government must immediately halt indiscriminate borrowing, ensure fair distribution of resources, and restore the independence and integrity of democratic institutions, highlighting the need for urgent action to address these critical issues.