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Group berates FG’s plan to borrow extra N4 trillion for tailored budget deficits, asks Rep to reject request

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2 years ago

April 12, 2022

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A pro-democracy organization, Global Initiatives For Good Governance (GIGG), has criticized President Muhammadu Buhari-led federal government of Nigeria on its decision to borrow four trillion naira to augurment tailored deficit budget.

Recall that President Muhammadu Buhari, had last week, asked the House of Representatives to approve N4trillion to fund petroleum subsidy.

President Buhari’s request was contained in a letter read by the Speaker, Femi Gbajabiamila during plenary session.

In the letter read by Mr Gbajabiamila, the President said the N3 trillion will not be sufficient because of the increase in the price of crude oil which currently averages $100 per barrel.

But, the orgainzation in a statement by the Director General, Chief Emeka Kalu, on Monday, maintained that Nigeria deserves competent governance and not deception, efficiency and transparency not justice, and frowned the planned borrowing, as he further regretted was coming on a moment where fuel subsidy sydromes linger and deeply bite Nigeria economic and intenstine.

The orgainzation queried, “how would Nigeria borrow extra 4 trillion naira when the already incurred debts have not been paid, thereby increasing the risks of sovereign debt crisis?

The GIGG regretted that previous borrowing of the funds were not utilize justifiably to develop the failing economic strength nor if the funds were used to provide basic Infrastructural facilities that had long dilapidated across the Nigeria federation.

The GIGG also insisted that governance in every liberal democracy does not thrive in the face of recklessness and abuse of office using corrupt tendencies to divert public fund, reiterating that “governance is all about accountability and good management of the scarce resources for the sustaibility and development of a sovereign society like ours.

The non governmental organization, emphasized that Nigeria is not meant to be cloned and politically sold off by means of adopting programme and imposition of orders in the name of running federal presidential system of government.

“We expect Mr President to concentrate on tackling security issues and provide relieving grounds of addressing them, not raising memorandum for extra application for borrowings.

“We also expect Mr President to work on viable modalities capable of transforming the country into a fourth revolution industrial class, rather than, banking the platform of constructive technicalities to project forces meant to siphon ans cripple Nigeria economy”, he pointed out.

The human rights advocacy, regretted that the increasing rate of poverty in Nigeria is highly accelerated to the point that eighty percent of the citizens are languishing into abject penury if not totally pauperized, vowing that the citizenry will continue to clamour for Accountabliity and transformation, as no force is capable of gagging them against nailing the truth on the head when situations demand.

“Last week, intelligence reports from the energy experts had it that Nigerian crude oil deposits would soon exhaust and there is no meaningful undertakings fielded to sustain the economy when the oil contents dry up.To which direction is Nigeria actually going”, the GIGG queried.

The orgainzation further reiterated that Nigeria needs not to borrow in order to run the government, stressing that the nation’s numerous sources of income ranging from government owned economic crops, oil/gas, internally Generated Revenue etc, regretted that up abject poverty is ravaging her citizens beyond measures.

The Global Initiatives For Good Governance, urged the House of Representatives to reject the application of President Buhari for extra loan taking, so that nation will not be totally cloned into a perpetually economic quaqmire state.

Source: Thepressradio.com|Nigeria|Chijindu Emeruwa