Rev Obinna Akukwe
President Bola Ahmed Tinubu of Nigeria last week after the APC Kaduna flag
off rally wrote to the National Assembly, Nigeria’s rubber stamp legislature,
requesting for further loan of $20 billion dollars and # 1 billion pounds .The
purpose of the Loan is to expand critical infrastructure in electricity/power, transportation,
agriculture, healthcare, education, water supply, security, employment
generation, and public financial management reforms.
This is in the midst of massive looting of national and state treasury by the 33 out of 36 governors of the ruling party who hijacked his Renewed Hope Agenda promise to Nigerians to Renewed Looting of Subsidy Funds.
A nation whose debt profile rose from N12 trillion in 2015 to N87 trillion in 2023 under an 8 year subsidy regime of President Muhammadu Buhari, toN149 trillion {N72 trillion naira) within 3 years of Tinubu presidency when abolition of subsidy and multiple foreign exchange rate regimes has freed up critical funds for infrastructural development.
President Tinubu borrowing such a homologous amount at this point in the nation chequered history, is a disservice to the fiscal discipline expected of a nation where more than half its 250 million population is living under the grips of poverty.
President Tinubu has consistently shown total lack of willingness to account properly for the loans borrowed since the three years he has been on the saddle. He has also failed to hold his governors whom he gave the proceeds of the subsidy funds, responsible for the massive looting taking place within their respective domain.
