Yemisi Izuora
Lagos-based socio-political critic, Chief Adesunbo Onitiri has faulted the Senate approval of $22.7 Billion foreign loan request by the Federal Government.
In a Press statement yesterday in Lagos, Chief Onitiri said the approval should be reversed immediate effect.
He cautioned:” By this singular action, the Senate has finally sold Nigerians, particularly the youth to perpetual bondage and slavery.
Chief Onitiri expressed dismay that instead of the members of the National Assembly to reduce their outrageous, humongous monthly pay, and allowances to reduce the cost of governance, the next thing was for the Senate to put another yoke on Nigerians, in form of debts that would take the country, atleast, four decades to repay.
According to Onitiri, the rising national debt profile is of grave concern to all patriots. With this addition, our debt profile will rise above 108B dollars on consumption sector.
“The debt service provision in the 2019 budget was a whopping N2tn, whereas the total capital budget was N2.9tn . This implies that the debt service commitment was 70 per cent of the capital budget allocation.
“Debt to revenue ratio was about 30 per cent, the total revenue could barely cover debt service commitment and recurrent spending. “This foreign loan approval by the Senate is against all rational economic policies and should be totally condemned”,he said.
Onitiri: “What Nigerians deserve now is reduction in cost of Governance and debt profile definitely Not piling up of more debts by the government.
“We received with sadness and rude shock the approval by the Senate, the foreign loan of Mr President, inspite of the overwhelming disapproval of Nigerian masses, and bearing in mind that presently, Nigeria’s debt profile is unsustainable because of our meager earnings and resources.
“With this approval, it has completely portrayed the Senate as a mere Rubber stamp to the Executive and not representing the interest of the Nigerian people who voted them into the House.
“This loan no doubt, is not in the least interest of the people, bearing in mind that the Federal government has not listed what and what projects the loan was meant for”, the social critic lamented.
“The approval was not subjected to meaningful debates in the red chamber and was not tied to any national development programme,” Onitiri regretted.
He again wondered how the NLC, Nigerian National Students Association, Human rights groups and NUJ stand at this crucial moment when the Nigerian people are being brutalised, maimed and lynched.
On the other hand, he commended the SERAP and other concerned Nigerians that stood on the side of the people.
“The future of our youths are being mortgaged and enslaved by the present politicians. We call on all patriotic Democrats to talk out and defend the country. Our destiny is in our hands,” Onitiri a Lagos sociopolitical activist.