Excessive borrowing will plunge Nigeria into slavery- S/East Youth Leaders


The Coalition of South East Youth Leaders (COSEYL) has warned the Federal Government of Nigeria against borrowing another N11 trillion in foreign loans to finance the 2023 budget, claiming that this new borrowing will plunge the country into financial slavery.

The coalition expressed dismay, pointing out that funds borrowed previously had not been repaid, which they described as “gross insensitivity.”

The Coalition claims that “this excessive borrowing by the Buhari-led administration confirms that government has no plan for the nation but only came to destroy it and what our forefathers fought so hard to achieve.”
“Over two centuries after Wilberforce joined forces with Thomas Clarkson, Granile Harp, Charles Middleton and Hannah More to end slavery, Buhari is plotting to resume the illegal and inhuman trade through excessive borrowings”.

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A statement by the President General of the Organization – Goodluck Egwu Ibem made available to newsmen in Owerri Wednesday, argued that this excessive borrowings by the Buhari’s administration would put Nigerians into slavery if not stopped.

The statement further reads, “we have pretended enough, and for too long. It is time for us to wake up and smell the coffee. We are in a bad shape as a country.

“At the rate we are borrowing, Nigeria is worse than a failed nation. Our dear country, is in a deep mess. We should no longer be extenuating about the hopelessness of our situation brought upon us by President Buhari. The situation is really worrisome and scary.

“The National Nigerian Petroleum Corporation, NNPC, that is controlling and managing the major source of Nigeria’s revenue which is oil, have been living up to expectation under successive administrations in past by remitting monies generated from the sale of oil to the federation account but under President Buhari, no money is coming into the federation account from the NNPC.

“According to the Organization of the Petroleum Exporting Countries, OPEC, said Nigeria sold oil worth $206 billion US dollars from 2015 to 2019. After making such huge sales from oil alone, why the excessive borrowing on daily basis by President Buhari to do virtually everything in government?.

“Without the help of a soothsayer, we can now confirm that it is obvious and clear that the monies generated from oil and monies borrowed on daily basis by Buhari are all looted by his administration.

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“It’s time for the resignation of the Group Managing Director, GMD of NNPC and her activities properly screened and investigated by an impartial independent audit panel. The gross incompetence and corruption by the NNPC is one of the main reason for the excessive borrowings.

“We therefore call on the senate not to approve another borrowing but rather institute an impartial Independent Audit and Recover Panel that will probe and investigate all the monies generated from NNPC, taxes and excise duties, contracts awarded, monies generated from Gold and other solid minerals, Abacha loots and other loots recovered by the government.

“We cannot be borrowing on daily basis without asking questions. Enough said!


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