By Luminous Jannamike

ABUJA – The Economic Rights Advocates, in collaboration with the Centre for Social Justice, Equity, and Transparency (CESJET) and the Good Governance Advocacy Network, have endorsed the Federal Government’s $2.2 billion loan request, describing it as crucial for Nigeria’s economic growth and development.

The Civil Society Organizations (CSOs) assert that the loan is essential for supporting key industries and infrastructure projects that will benefit Nigerians across various sectors.

At a press briefing in Abuja on Thursday, Dr. Emeka Theodore, convener of the group, defended the loan, highlighting that the Nigerian government has demonstrated responsible financial management, meeting obligations to foreign creditors and building a reputation for prudent borrowing and repayment.

Theodore stated that the loan would contribute to vital development initiatives, including infrastructure, healthcare, and education.

The CSOs rejected opposition claims against the loan as “misguided and uninformed,” urging critics to recognize the economic realities facing the country.

They argued that rejecting the loan would jeopardize Nigeria’s growth, delay critical projects, and leave essential sectors underfunded.

The loan request, which is aligned with international best practices, is part of Nigeria’s 2025 budget, which includes a manageable fiscal deficit of ₦8 trillion.

Dr. Theodore further emphasized that borrowing responsibly is not a sign of weakness, but a strategic approach to ensure the country’s long-term prosperity. He also reassured the public that the funds would be used for revenue-generating initiatives, such as investments in digital technologies, infrastructure, and agricultural reforms aimed at boosting exports and improving tax collection efficiency.

The CSOs called on National Assembly members to prioritize the nation’s interests over populist concerns, urging them to approve the loan to safeguard Nigeria’s future.

They also stressed the importance of public support for the loan, advocating for transparency and accountability in its use to foster a more sustainable and inclusive Nigeria.

The CSOs argued, “The proposed $2.2 billion loan is clearly a necessity for Nigeria’s progress. Rejecting this proposal would be self-defeating, compromising current initiatives and endangering the future of the country.

“Rejecting the loan would jeopardize Nigeria’s growth, delay development, and leave crucial projects underfunded.

“The $2.2 billion loan proposal is not just an economic choice, but a mission to save generations.

“By working together, we are confident to create a more sustainable and inclusive Nigeria that is stronger and wealthier.

“Borrowing responsibly is not a sign of weakness but a strategic step toward achieving our collective aspirations. A better future for all Nigerians is at stake when the loan is approved.

“To our fellow citizens, we implore you to support this great endeavor and hold the government responsible for making sure borrowed money is used prudently.

“Let us unite in this cause, recognizing that borrowing responsibly is a strategic step toward achieving our collective aspirations.”