Northern Youths Fault Tinubu, Raise Alarm Over $20.52bn Loans

The Northern Youth Council of Nigeria (NYCN), has criticised President Bola Tinubu’s financial administration, describing the federal authorities’s approval of a N70,000 month-to-month transport allowance for public service employees as insufficient amid widespread financial hardship, whereas elevating considerations over the President’s request for approval to safe $20.52 billion and €1.045 billion in exterior loans.

The National President of the council, Isah Abubakar, said this whereas reacting to the federal authorities’s settlement with the Nigeria Labour Congress (NLC) to supply a month-to-month transport allowance of N70,000 to public service employees for six months, starting in November 2026.

Abubakar acknowledged the significance of supporting employees however argued that the intervention failed to handle the financial difficulties confronting tens of millions of Nigerians exterior the formal public sector.

He mentioned farmers, merchants, artisans, casual sector operators, unemployed youths and different weak residents had been equally affected by rising transportation prices and meals inflation however had no comparable authorities help.

The council described the allowance as a brief intervention that favoured a restricted phase of the inhabitants as an alternative of addressing the structural issues chargeable for the nation’s financial difficulties.

“Instead of fragmented palliatives, Nigeria requires a common social security method.

“True economic cushion demands direct investments in public transport networks, agricultural subsidies to crash food prices, and accessible credit for small businesses,” Abubakar mentioned.

The council additionally expressed concern over President Tinubu’s contemporary request to the National Assembly for approval to safe $20.52 billion and €1.045 billion in exterior loans.

Abubakar warned that continued borrowing with out demonstrable growth outcomes may additional burden future generations, stressing the necessity for presidency to make sure that loans translate into tangible advantages for Nigerians.

The council additional argued that the elimination of the petrol subsidy in May 2023, with out enough social safety measures and useful home refining capability, had worsened the monetary difficulties of atypical Nigerians.

Abubakar known as on the federal authorities to introduce measures to stabilise power costs and help native manufacturing to scale back the impression of worldwide financial shocks on households and companies.