President Muhammadu Buhari-led administration has planned to borrow another N11 trillion to finance the 2023 budget.
A coalition of South East Youth Leaders, COSEYL, has expressed its displeasure over the alleged plan by the president.
In a press statement issued by the COSEYL President General, Goodluck Item, The Group urged Nigerians to resist any further attempt by the current administration to enslave the country with debt.
COSEYL explained that going for another loan will further worsen Nigeria’s economic woes as the monies borrowed before now have not been repaid by the Federal Government.
Goodluck also described the move as insensitive and a confirmation that Buhari can’t manage Nigeria’s challenges.
He also added that it would be better for the President to honorably resign if he felt overwhelmed by the complex challenges of the country not plunging Nigeria into irredeemable debt.
Meanwhile, The Nigeria National Petroleum Corporation, NNPC, which is controlling and managing the major source of Nigeria’s revenue which is oil, has not remitted any money into the Federation’s account under President Buhari’s Regime.
Agitated by the information, COSEYL stressed that it’s time to properly screen the gross incompetence and corruption of the NNPC Group Managing Director by an Impartial Independent Audit Panel and have them resign.
Recall that The Organization of the Petroleum Exporting Countries, OPEC, hinted that Nigeria sold oil worth $206 billion US dollars from 2015 to 2019.
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