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You’re worsening Nigeria’s problems, stop borrowing – CNPP tells Buhari
Jun 1, 2020
The Conference of Nigeria Political Parties (CNPP) has told President Muhammadu Buhari to improve on accountability and transparency amid Nigeria’s increasing debt profile.
This was contained in a statement on Monday by the CNPP Secretary-General, Willy Ezugwu.
It said the continued resort to external borrowing at the slightest challenge was creating problems for the country’s future.
CNPP urged the Buhari administration to reduce the cost of governance and explore other options, including harnessing non-oil revenues, instead of borrowing.
Ezugwu recalled that Nigeria’s internal and external debt stock 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 an alarm about Nigeria’s situation, went ahead to approve a fresh loan.
“In March this year, the same Nigerian lawmakers approved President Buhari’s $2.36 billion loan request . In 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, despite getting tranches of Abacha loots, is seeking a fresh $5.513 billion.
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