The group criticised the government for relying heavily on crude oil exports as its main revenue source while neglecting structural reforms.
The National Association of Seadogs (Pyrates Confraternity) has raised concerns over Nigeria's escalating debt profile, warning that continuous borrowing threatens the country’s economic stability.
In a statement on Monday signed by Dr Joseph Oteri (NAS Capoon) and Chief Bart Akelemor (NAS Second Mate), the association described President Bola Tinubu's $2.209billion external borrowing request for the 2024 budget deficit as alarming.
"As of June 2024, the DMO reported that Nigeria's total public debt had hit N134.3trn, putting the country at a debt per capita of N619,501 for 216.7 million Nigerians," the statement read.
The group criticised the government for relying heavily on crude oil exports as its main revenue source while neglecting structural reforms.
"In three months (March 2024–June 2024), Nigeria's debt profile rose by N12.6trn. This steep rise is partly due to recurrent budget deficits, borrowing to fund infrastructure and an overreliance on external loans," the association noted.
President Tinubu recently claimed Nigeria's debt service-to-revenue ratio had improved, decreasing from 97 percent to 65 percent since May 2023.
However, NAS warned that debt servicing costs, exchange rate pressures, and reduced budgetary autonomy could cripple the nation’s fiscal sustainability.
"The future is bleak for Nigeria's fiscal sustainability, with projections of a 26.7 per cent rise in debt servicing costs from 2025 to 2027," the group emphasised.
They accused the government of mismanaging financial resources, stating: "It is disheartening to learn that these debts are incurred to feed recurrent expenditure and the lavish lifestyles of politicians."
The association also criticised the President for abandoning promises to cut governance costs. "This evokes the unfortunate picture of politicians feeding fat on the misfortunes of citizens," the statement added.
NAS urged the government to halt further borrowing and focus on reducing expenditures. "We reject the Federal Government's inability to cut down the cost of governance drastically.
"We ask the people's representatives to lead by example by taking pay cuts, minimising travels, and driving the cost of governance downward."
To ensure future generations are not burdened by unsustainable debts, the group called for reforms to boost citizens’ productivity.
"Efforts should be targeted at how the average Nigerian can be more productive, not how the government can lounge in largesse," the association concluded.