The Executive Director of CISLAC, Auwal Musa-Rafsanjani, in a statement on Friday, lamented the nonchalant attitude displayed by the President Muhammadu Buhari administration, towards the country’s crippling debt crisis.
He said that borrowing to fund post-fuel subsidy removal palliatives is strange, noting that “if the fuel subsidy removal process has been suspended as announced by the Minister of Finance after the NEC meeting at the end of April, then the government should return the borrowed money because what are we taking the loan for?”
Rafsanjani said that fears of the country getting another $800 million loan from the World Bank sends waves of worries in the minds of Nigerians as Nigeria’s revenue collection in 2022 stood at N10 trillion, with a debt of about N77 trillion.
Nigeria as a nation that is so swamped up in debts we can’t afford that right now because where’s the public interest in that elephant project.
“Also the Minister of Communications has gone ahead to get an approval of FEC for N24.2bn for internet access at airports and universities but these are services that naturally should be done by service providers”.
He maintained that “Nigeria is already in another debt trap. Records from both national and international financial and debt institutions regarding Nigeria’s debt reveal a state in crisis.”