Kogiflame
The Civic Alliance for Fiscal Transparency (CAFT) has asked members of the National Assembly to either hold the executive accountable for newly approved foreign loans and the delayed implementation of the 2025 capital budget or resign from office.
In a statement on Saturday, Engr. Ayodele Olaposi, president of CAFT, said Nigerians were tired of a legislature that “approves loans with one hand and closes its eyes with the other.”
He said the duty of lawmakers goes beyond appropriation to ensuring that every borrowed dollar and every naira budgeted for capital projects delivers visible results for the people.
Olaposi said that while President Bola Tinubu’s administration had recorded revenue gains through fiscal reforms and improved oil receipts, the benefits were yet to reflect in the lives of ordinary Nigerians because the 2025 budget remained largely unimplemented.
“It is unacceptable that after celebrating revenue growth and approving multi-billion-dollar loans, the government still drags its feet on the 2025 capital budget,” he said.
“This delay hurts the economy and erodes public confidence. Implementing the budget fully and transparently will prove that this administration is genuinely committed to developing the land and not just managing headlines.”
CAFT noted that Nigeria’s debt stock has continued to rise, crossing ₦149 trillion in mid-2025, while service obligations now consume over 60 percent of federal revenue.
The group warned that without strict legislative oversight, future generations would inherit debts without development.
“The National Assembly must not become a clearing house for unsustainable borrowing. Every loan approved must be tracked, audited, and tied to measurable impact. The time has come for legislators to justify the trust placed in them or make way for those who will,” Olaposi said.
The group urged the federal legislature to compel full disclosure on how the new foreign loans will be spent, project by project, and to ensure that priority is given to infrastructure, job creation, and poverty reduction.
It also called for the publication of quarterly progress reports to restore public confidence in fiscal governance.
“True accountability is not about speeches or committee sittings—it’s about results. When roads are built, when schools function, when hospitals receive equipment, Nigerians will know that governance is working. Until then, every borrowed fund must remain under scrutiny,” the statement added.
CAFT reaffirmed its support for responsible fiscal management and lauded the administration’s stated commitment to non-oil revenue growth and local industrialisation. However, it insisted that economic success must translate to social progress.
“The government must not allow bureaucratic inertia to undermine the promise of reform. We call on lawmakers to stand firm, demand performance, and ensure that the 2025 budget serves its purpose — to rebuild confidence and deliver development for all Nigerians,” the group said.
