Kwakwanso faults rising debt, accuses NASS of weak oversightThe Kwankwasiyya Movement has expressed concern over Nigeria’s growing debt profile, accusing the Federal Government of excessive borrowing and the National Assembly of failing in its oversight responsibilities.In a statement issued on Wednesday, the group’s spokesperson, Habibu Mohammed, warned that the continued approval of loan requests by lawmakers without thorough scrutiny poses a risk to the nation’s economic stability.He said the pattern of borrowing, coming on the heels of recent external debt arrangements, raises questions about fiscal discipline and long-term sustainability.According to him, taking on more debt without transparency, broad consultation, or a clear framework for equitable utilisation could jeopardise the country’s future.The movement also raised concerns over what it described as uneven allocation of borrowed funds, warning that perceived regional imbalance could deepen inequality and undermine national unity.Mohammed criticised the National Assembly for what he termed uncritical approvals of executive requests, alleging that the legislature appears to be aligning with the executive rather than serving as an independent check.He added that the weakening of opposition within the legislature threatens democratic governance by concentrating excessive power in the executive arm.The group warned that continued erosion of institutional checks and balances could have serious implications for Nigeria’s stability and unity.It called on civil society organisations, opposition parties, and citizens to demand greater transparency and accountability, urging the government to halt indiscriminate borrowing and ensure fair distribution of resources across the country.
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