The Conference of Nigerian Political Parties (CNPP) has told the President Mohammadu Buhari upgrade his responsibility and transparency among Nigeria's multiplying debt profile.
This was contained in the statement made by the CNPP-Secretary General, Willy Ezugwu on Monday.
It said the Continuous utilizing to external borrowing at the smallest challenge is creating problem for country's future.
CNPP suggested the Buhari administration to reduce it's cost of goverance and try other options, including make use of non oil-revenues, instead of borrowing.
Ezugwu recalled that Nigeria's internal and external debts stood at N12.06 trillion ($63.5 billion) as of march 2015.
But as of September 30,2019, according to the Debt Management Office (DMO) Nigeria's total public debt jumped to about N26.2 trillion (or $85.4 billion).
The statement lamented that the Nigerian Senate, after raising alarm about Nigeria's situation, still went ahead to approve fresh loan.
This year March, the same Nigerian's lawmakers accepted President Buhari's $2.36 billion loan request. On April the International Monetary Fund (IMF) approved $3.4 billion in emergency financial assistance under the Rapid Financing Instrument to Nigeria.
The parties said they were shocked that the government notwithstanding tranche of Abacha loot, is seeking a fresh $5.513 billion.
CNPP expressed worry over the Buhari administration’s revelation that debt servicing would gulp a part of the total revenue accruable to Nigeria in 2020.
“The government is now spending N2.452trn or 29% out of its N8.42trn set as revenue target in 2020 to service debts. When a country continues to borrow in the face of rapidly dwindling oil revenue, the future of Nigerians yet unborn will eventually be squandered by our generation.”
CNPP condemned that in many part of the country, foriegners are "harvesting Nigerian's solid mineral's free of charge while Federal Government are busy borrowing money to fund the 2020 budget".
Meanwhile, the Socio-Economic Rights and Accountability Project (SERAP), has sent a Freedom of Information request to Buhari to provide spending details of all loans obtained by his government since May 29, 2015.
The president was given a seven days ultimatum to provide the details.
Source: Daily Post