CSOs protest rising debt, demand end to excessive borrowing

Civil Society Organisations, CSOs, youths, students and market women yesterday protested at the Federal Ministry of Finance, Abuja, demanding an end to what they described as excessive borrowing by the Federal Government.

The protesters, under the aegis of Climate Action, said the rising public debt-servicing burden was crowding out funding for critical public services and undermining efforts to tackle climate change, poverty and unemployment.

Carrying placards with various messages, the demonstrators urged the government to reduce reliance on loans from the World Bank, International Monetary Fund, IMF, and other development finance institutions.

They also demanded greater transparency in public debt management and called for greater allocation of resources to sectors that directly improve the welfare and livelihoods of Nigerians.

Speaking on behalf of the protesters, Social Mobilisation Specialist, ActionAid Nigeria, Mr Newton Otsemaye, said the groups were at the ministry to draw attention to the implications of rising debt for the future of Nigerians, particularly young people.

He said: “Save the future of Nigerians. We have the largest young population in Africa, if not globally. But what are we doing with their future?

“The question is: what are the resources that will be enough for us to be able to address their issues? The Nigerian government is prioritising the World Bank and IMF, instead of the people.

“So, we are saying that it is not about profit; it should be about the people. Development is about people. Development is not about profit.”

Otsemaye said the Finance Ministry was an appropriate location for the protest because of its role in managing the nation’s finances and public debt.

He said the demonstration brought together women’s groups, activists, young people and university undergraduates, among others.

According to him, although the groups had different backgrounds, they were united by concerns over Nigeria’s debt profile and its implications for future generations.

“We have so many groups here. We have women’s groups, activists, young people and university undergraduates. You have so many groups here. It is a combination of different groups, but one demand,” he said.

Otsemaye also expressed concern over the country’s debt-to-revenue ratio, warning that continued increases could worsen poverty, unemployment and loss of livelihoods.