The Socio-political group, Coalition of South East Youth Leaders (COSEYL), the apex youth organisation in the South East geopolitical zone, has raised the alarm over plans by President Muhammadu Buhari to borrow another N11 trillion to finance the 2023 budget.
The group said its concern is borne out the reality of repayment plan for monies earlier borrowed by the Federal Government, which smacks of insensitivity. COSEYL, in a statement issued by the President-General, Goodluck Ibem, and made available to New Telegraph yesterday, observed: “It is truly worrisome that a man who knows within himself that he lacks what it takes to led a country as big as Nigeria will not accept the truth and resign his position, but will sit tight and be borrowing on daily basis to the detriment of the country.”
The group noted that two centuries after abolition of slavery, “the Federal Government was planning to resume the illegal and inhuman trade through excessive borrowings.” The statement read in part: “This excessive borrowings by Buhari’s administration, knowing full well the implications, if not repaid, will put Nigerians into slavery; this is a confirmation that Buhari is happy with the slavery that is going on in his home, Katsina State, where terrorists use our men as slaves on their farmlands, rape our wives, and daughters who are mostly children between the ages of 8 and 14 years. Too sad! “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 the hopelessness of our situation brought upon us by President Buhari. The situation is really worrisome and scary.
“According to the Organisation of Petroleum Exporting Countries (OPEC) Nigeria sold oil worth US$206 billionfrom2015to2019. After making such huge sales from oil alone, why the excessive borrowing by President Buhari?” “We, therefore, call on the Senate not to approve another borrowing, but rather institute an impartial Independent Audit and Recovery Panel that will probe and investigate all the monies generated from NNPCL, taxes and excise duties, contracts awarded, monies generated from gold and other solid minerals, including Abachaloots, and others recovered by the government. We cannot be borrowing on daily basis without asking questions.”
