World Social Justice Day: ANEEJ Calls for Urgent Debt Relief for Nigeria
BENIN CITY, NIGERIA. February 20, 2025 – On this World Social Justice Day, the Africa Network for Environment and Economic Justice (ANEEJ) reaffirms its commitment to fostering social inclusion and equity across Nigeria. Under the theme, “Building a Sustainable Future for All,” ANEEJ urges creditor nations and multilateral institutions to consider debt cancellation for impoverished nations, particularly Nigeria, to enable sustainable development and economic stability.
Rev. David Ugolor, Executive Director of ANEEJ, emphasized the urgency of debt relief, highlighting the economic hardship suffered by millions of Nigerians. “The call for debt relief has become critical as Nigeria commits nearly one-third of its national budget annually to debt servicing, leaving limited resources for essential social and economic programmes.”
Recent statistics reveal the alarming rise in Nigeria’s public debt, which includes both external and domestic liabilities. According to reports, the national debt stock surged to N121.67 trillion (US$91.46 billion) in Q1 2024, up from N97.34 trillion (US$108.23 billion) in Q4 2023—a staggering 24.99% quarter-on-quarter increase. Furthermore, debt servicing for the 2025 budget is estimated at ₦16.3 trillion, representing a 96.75% rise, thereby pushing Nigeria’s public debt-to-GDP ratio closer to 40%. Such an increase threatens poverty reduction efforts, social protection policies, and overall national development, especially amidst recent government policies such as subsidy removal and currency devaluation.
Citing World Bank data, Ugolor highlighted the worsening poverty crisis in Nigeria. “Since 2018, the percentage of Nigerians living below the national poverty line has jumped from 40.1% to 56.0%. Today, an estimated 129 million Nigerians live in poverty,” he stated.
On this occasion, ANEEJ calls upon the international community to acknowledge the plight of millions of impoverished Nigerians and advocate for debt relief measures. “Over 129 million Nigerians struggle with abject poverty, and urgent debt cancellation is essential to ease their suffering,” Ugolor asserted. “We also urge the administration of President Ahmed Bola Tinubu to prioritize comprehensive social protection programmes that channel public resources into addressing the urgent needs of marginalized communities. A holistic approach to social justice strengthens society as a whole.”
Ugolor stressed the need for immediate government intervention to ensure equitable access to essential services such as healthcare, education, and employment opportunities. “All Nigerians, regardless of their economic status, deserve access to fundamental resources that foster a dignified life.”
Additionally, ANEEJ appeals to global stakeholders to support debt cancellation initiatives that would free up vital resources for sustainable development. The upcoming United Nations Conference on Financing for Development presents a pivotal opportunity to build international consensus on increasing funding for social protection programs.
“We must collectively advocate for policies that not only alleviate poverty but also foster long-term social equity,” Ugolor concluded. “On this World Social Justice Day, let us renew our commitment to building a more just, inclusive, and equitable Nigeria where every citizen has the opportunity to thrive.”
For further information, please contact 08187674339 or info@aneej.org and follow us on X, Instagram and facebook: @aneejnigria, aneej__nigeria and facebook.com/aneejnigeria