In a statement released by the movement’s Convener, Comrade Ademola Babatunde, YAM described the borrowing plan as reckless, unsustainable, and a threat to Nigeria’s economic future and sovereignty.
There is no justification for more borrowing, Ademola said. Especially when the government claims to have recovered nearly $967.5 billion and ₦277 billion in looted funds in 2024 alone.
The movement expressed deep concerns about fiscal management, transparency, and the lack of visible impact from previously claimed recoveries.
Where are the roads, schools, and hospitals these funds were spent on? Ademola asked. Instead, we see growing poverty, unemployment, and deteriorating infrastructure.
YAM noted that while the government also seeks approval to issue ₦757 billion in domestic bonds to settle pension arrears, there is no clear accounting of how recovered assets are being utilized.
Citing constitutional provisions, Ademola urged the National Assembly to fulfill its oversight duties by: Nigerians deserve to know how their money is being spent. If the government truly recovered billions, why the urgency to borrow again?
He also proposed the creation of a Presidential Delivery Unit, tasked with regularly updating the public on government revenues, recovered funds, and expenditures, including the publication of project breakdowns in national newspapers.
YAM warned that if approved, Nigeria’s total public debt could climb beyond ₦180 trillion, worsening the nation’s economic outlook. We do not need a soothsayer to know that this is unsustainable, the group said.
The youth of this country reject any move that mortgages our future. For the sake of generations yet unborn, we must act now.
The statement concluded with a plea for unity and vigilance from citizens and lawmakers: It’s time to rise as one and say no to mindless borrowing. The National Assembly must act with courage and conscience.
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