Nigerians attack Buhari’s govt over debt

– President Muhammadu Buhari’s government has come under heavy attack from civil rights groups over the N2.2tn domestic debt in the last one year.
– Social Action said the only response of the administration to the economic recession was “to borrow more money.”
– Campaign for Democracy, (CD) said that the borrowing did not show desirable performances by the administration
President Muhammadu Buhari has to do something about Nigeria’s economic situation.
President Muhammadu Buhari’s government has come under heavy attack from civil rights groups over the N2.2tn domestic debt in the last one year.
Debt Management Office (DMO) had put the Federal Government’s domestic debt at N10.6tn as of June 2016, up from N8.4tn a year ago as Nigeria’s total debt liability rose to N16.29tn in June 2016 from N12.12tn in June 2015.
For Abuja Social Action who through Vivian Bellonwu-Okafor said the only response of the administration to the economic recession was “to borrow more money.”
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Bellonwu-Okafor stated; “The Fiscal Responsibility Act, which outlines the democratic steps that should accompany any loan, is not being respected and so in this regard, loans are taken in a most shoddy and blanket manner without any clear purpose or project line tied to such acquisition(s) as well as cost-benefit analysis, as stipulated by the FRA.
“It is thus not surprising that government has not only taken but also advanced loans for recurrent items such as payment of salaries, sponsorship to foreign trips and conferences etc; this is in clear violation of the FRA which states that loans shall only be acquired for capital expenditure(s).”
“Debt servicing will soon completely wipe out the country’s capital allocation. This free walk into another debt-trap should, with all experiences of hindsight, be avoided.
President of Campaign for Democracy, (CD) Abdul Usman, said that the borrowing did not show desirable performances by the administration.
He stated, “Nigerians have never had it this bad and are losing faith in the change promised by the administration. There is hunger almost everywhere in the land. Citizens will want to see published documents or Mr. President should address the nation as we have yet to see the positivity on the budgeted N500bn social welfare.”