The Pyrates Confraternity, a prominent Nigerian association known for its advocacy on national issues, has expressed grave concern over the alarming rise in Nigeria’s national debt, which has now reached a staggering N134 trillion. In a statement released today, the Confraternity called on President Bola Ahmed Tinubu and his administration to immediately halt what it described as "mindless borrowing" and take urgent steps to address the nation’s unsustainable debt trajectory.
The Pyrates Confraternity, a group renowned for its commitment to the promotion of social justice, accountability, and national development, stated that the government’s continued borrowing poses a serious threat to Nigeria's economic stability, future growth, and the well-being of its citizens. The Confraternity also cautioned that the excessive debt burden could lead to even harsher economic conditions for the Nigerian people, especially the youth and vulnerable segments of society.
“We are deeply concerned about the nation’s growing debt, which now stands at a perilous N134 trillion. This level of borrowing is unsustainable and places an undue burden on future generations. We call on President Tinubu’s government to halt this reckless borrowing spree and adopt fiscal policies that prioritize sustainable economic growth, transparency, and accountability.”
The Confraternity raised specific concerns about the use of borrowed funds, stressing that there is a lack of transparency regarding how the money is being allocated and whether it is being used for productive investments. The group further warned that Nigeria's increasing debt service obligations are consuming an unsustainable portion of the national budget, leaving fewer resources for critical sectors like education, healthcare, and infrastructure.
The Pyrates Confraternity also highlighted the dangers of borrowing to finance recurrent expenditure rather than capital investments that would stimulate long-term economic growth. It called for a paradigm shift toward fiscal discipline, diversification of the economy, and a clear plan to reduce the national debt over time.
“Borrowing should not be seen as a means of financing reckless spending or temporary fixes. We urge the government to focus on creating a diversified, self-sustaining economy that does not rely on debt to function.”
The Confraternity is also calling for greater public scrutiny and parliamentary oversight over Nigeria’s borrowing activities. It stressed that the government must be transparent about its borrowing practices and present a clear, actionable plan for debt reduction.