Former Vice President Atiku Abubakar has alleged that the loans acquired by the President Bola Tinubu administration are powered by corruption and not infrastructure and development needs.
Tinubu on Tuesday wrote to the National Assembly, seeking approval for a N1.767 trillion ($2.209 billion) new external borrowing plan in the 2024 Budget (Appropriation Act).
However, despite concerns raised by civil society and experts, less than 48 hours later, the National Assembly approved Tinubu’s request.
If approved, the loan will be used to part-finance the budget deficit of N9.7tn for the 2024 budget.
However, Atiku, a former Peoples Democratic Party (PDP) presidential candidate, said this loan proposal is more concerning because it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD.
Atiku in a statement added that while Nigeria is sinking further in debt, the National Assembly has become an accomplice once more, apparently referring to its approval of loan requests under the immediate past Muhammadu Buhari presidency.
“Nigeria is sinking further in debt, and the National Assembly has become an accomplice once more. Tinubu had, in July this year, boasted that the FIRS and Customs under his watch have collected all-time high revenues to finance the Budget.
Why then are they still borrowing? There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.
“These Tinubu’s loans are bone-crushing to Nigerians and bringing insufferable pressure on the economy, especially when they are not properly negotiated and utilized. It is concerning that the voracious appetite for these humongous loans is powered by corruption and not for infrastructure and development needs.
A report by Budgit, a budget watchdog, has disclosed that the 2024 Budget is a mess because of the level of pork associated with it.
“I feel a sense of personal agony seeing that just a few years after the administration of President Obasanjo took our country out of foreign indebtedness, we are today back at the top spot in the same conundrum
“It is time that we apply more caution and apply arithmetic to the loan frenzy,” he said.
…Blasts Reps On Six-Year Tenure For President Bill Rejection
The former Vice President and 2023 Presidential candidate for the Peoples Democratic Party (PDP), Atiku Abubakar, yesterday ran down the members of the Lower Chamber of the National Assembly (NASS) for rejecting the bill on a six-year tenure for Nigerian presidents and governors.
Atiku, who noted the lawmakers’ decision as unfortunate, said that the House of Representative members failed to recognize that the country was at a critical juncture.
The bill, sponsored by Ikenga Ugochinyere and 33 others, was dismissed through a voice vote during Thursday’s plenary session. This bill which suggested a single six-year term for elected Presidents and Governors across the nation, was also thrown out under Former President Goodluck Jonathan’s administration.
Also, Atiku had submitted a memo to the National Assembly earlier in October calling for a rotation of the presidency between the North and South. Reacting to the House’s decision, Atiku’s media aide, Paul Ibe, mentioned that his principal had expected that the bill would encourage those elected to focus on fulfilling their responsibilities to the public, aiming to reduce political distractions for Presidents and Governors.
He said, “So, it is sad that it was rejected, and we need to ensure that the laws we make promote the well-being of Nigerians and strengthen democracy in both word and deed.
That is what this law was meant to do. Unfortunately, the House did not see this. It is unfortunate, and we hope that it is revisited, so they can realise that they have made a mistake”.
