The Civil Society Legislative Advocacy Centre on Tuesday called on the National Assembly to stop approving foreign and domestic loan requests for the President.
The group said the Buhari regime could not account for the loans already taken.
The Executive Director of CISLAC, Auwal Musa-Rafsanjani, stated this at a news conference in Abuja.
He alleged that a lot of funds borrowed by the All Progressives Congress -led government had been squandered without proper accountability.
Musa-Rafsanjani also called on the National Assembly to prevail on the executive to ensure the recovery of misappropriated, and looted funds as indicated in various government reports.
He noted that the 2018 findings and reports of Nigeria Extractive Industries Transparency Initiatives had shown that there were some agencies in the extractive sector that had failed to remit funds due to the Federation Account.
He added that 265 agencies had also defaulted in the submission of audited accounts for 2017, while 11 agencies had never submitted any financial statements since inception.
He said it was not in the best interest of Nigerians to be appropriating funds to agencies that had yet to account for funds it received over the years.
He said, “We must not keep quiet we must speak and put a stop to this mindless looting. Government must focus on blocking the leakages, instead of going for more loans.
“National Assembly must rise and put a stop to this; they have a responsibility to rescue the country. It is therefore our hope that National Assembly denies approval of another loan until these illicit flows are accounted for and recovered.”