Civil Society Organisations, youths, students and market women staged a protest on Thursday at the Federal Ministry of Finance in Abuja, calling for an end to what they termed excessive borrowing by the Federal Government.

The protesters, operating under the umbrella of Climate Action, said the growing burden of public debt-servicing was squeezing out funding for essential public services and undermining efforts to address climate change, poverty and unemployment.

Bearing placards with a range of messages, the demonstrators called on the government to cut down its reliance on loans from the World Bank, International Monetary Fund and other development finance institutions.

They also demanded greater transparency in the management of public debt and pushed for increased allocation of resources to sectors that directly enhance the welfare and livelihoods of Nigerians.

Vanguard reported that speaking on behalf of the protesters, Mr Newton Otsemaye, Social Mobilisation Specialist at ActionAid Nigeria, said the groups had gathered at the ministry to highlight the consequences of rising debt for the future of Nigerians, particularly the youth.

He said: “Save the future of Nigerians. We have the largest young population in Africa, if not globally. But what are we doing with their future?

“The question is: what are the resources that will be enough for us to be able to address their issues? The Nigerian government is prioritising the World Bank and IMF, instead of the people.

“So, we are saying that it is not about profit; it should be about the people. Development is about people. Development is not about profit.”

Otsemaye said the Finance Ministry was a fitting venue for the protest given its central role in managing the nation’s finances and public debt.

He noted that the demonstration drew together women’s groups, activists, young people and university undergraduates, among others.

According to him, despite coming from different backgrounds, the groups were united by shared concerns over Nigeria’s debt profile and its implications for future generations.

“We have so many groups here. We have women’s groups, activists, young people and university undergraduates. You have so many groups here. It is a combination of different groups, but one demand,” he said.

Otsemaye also raised concerns over the country’s debt-to-revenue ratio, warning that its continued rise could deepen poverty, worsen unemployment and lead to further loss of livelihoods.