The Human Rights Writers Association of Nigeria (HURIWA) has called on the Federal Government to publish the terms and utilisation of reported N11.2tn oil-backed loans, warning that the arrangement could put future oil revenues at risk.
HURIWA said the reported commitment of about 340 million barrels of future crude to service three loans required greater scrutiny by the government, National Assembly and other oversight institutions.
The group’s National Coordinator, Emmanuel Onwubiko, made the call in a statement on Monday, saying Nigerians deserved to know how much the country received from the facilities and how the funds were spent.
According to him, the government should disclose whether the loans were invested in projects capable of generating sustainable economic returns.
“Nigerians have every right to demand to know whether the country is receiving fair value and what future generations are being asked to surrender,” Onwubiko said.
HURIWA urged the government and the Nigerian National Petroleum Company (NNPC) Limited to publish details of the three financing arrangements, including the amounts received, interest and other charges, crude volumes committed, pricing mechanisms, repayment schedules and outstanding obligations.
The organisation also asked the authorities to explain how the repayment arrangements would be affected by a decline in oil production or changes in global crude prices.
It said the issue was particularly important because Nigeria could be locked into delivering crude at previously agreed terms even if international oil prices rise significantly.
HURIWA said borrowing against future oil production was not necessarily unlawful but argued that the scale of the reported commitments made transparency essential.
“Oil is a finite national resource, and every barrel committed to debt repayment is an asset that cannot return to the country once produced and delivered,” the group said.
It urged the National Assembly to subject the facilities to rigorous scrutiny and determine whether Nigeria had received commensurate value for crude already committed.
HURIWA also called for safeguards to prevent the misuse of future oil revenues, arguing that borrowing backed by natural resources should not become a substitute for building productive sources of government revenue.
“We cannot continue to mortgage tomorrow’s resources simply because today’s finances are under pressure,” it said.
The group said proceeds from Nigeria’s oil wealth should increasingly support infrastructure, industries, job creation and other investments capable of generating sustainable income.
It maintained that the country’s oil reserves should be treated as a national asset rather than repeatedly used as collateral to address short-term fiscal pressures.
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