URBANEXPRESSLIVEURBANEXPRESSLIVEURBANEXPRESSLIVE
  • Home
  • Politics
    Politics
    “Followers who tell the truth, and leaders who listen to it, are an unbeatable combination.”— Warren Bennis
    Show More
    Top News
    Minister’s Aide, Lere Olayinka Lashes Atiku, Alleges Ex-vice President Lied During Holy Month of Ramadan
    March 29, 2025
    Breaking: Okpebholo Triumphs as Tribunal  Affirms Election Victory In Edo
    April 2, 2025
    Country Hardly  Develop Under Democracy- Burkina Faso President Traore
    April 9, 2025
    Latest News
    It may be of Significance retaining His Lagacy’-Oshiomhole Advises Jonathan Over Speculative 2027 Ambition
    October 6, 2025
    He Never Complained of Inheriting Challenges- UN Deputy Sec Gen, Amina Mohammed, On Tinubu
    October 5, 2025
    Not Quicksand, We’re Building Nigeria’s Economy On Concrete-Tinubu
    October 1, 2025
    While Bandits Take Over Kwara, Onanuga is Busy Attacking Jonathan-Rufai Oseni
    September 30, 2025
  • Entertainment
  • Urban & Rural Lifestyle
  • Column
  • Environment
  • Urban Sports
  • Crime Lence
  • More Links
    • About Us
    • Contact us
    • Advertise
Search
  • Advertise
© 2024 Urbanexpresslive. All Rights Reserved.
Reading: Save Nigeria from Debt Give Nigeria Breathing Space-Osita Okechukwu To Tinubu
Share
Notification Show More
Font ResizerAa
URBANEXPRESSLIVEURBANEXPRESSLIVE
Font ResizerAa
  • Home
  • Politics
  • Entertainment
  • Urban & Rural Lifestyle
  • Column
  • Environment
  • Urban Sports
  • Crime Lence
  • More Links
Search
  • Home
  • Politics
  • Entertainment
  • Urban & Rural Lifestyle
  • Column
  • Environment
  • Urban Sports
  • Crime Lence
  • More Links
    • About Us
    • Contact us
    • Advertise
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
URBANEXPRESSLIVE > web-Page > Politics > Save Nigeria from Debt Give Nigeria Breathing Space-Osita Okechukwu To Tinubu
Politics

Save Nigeria from Debt Give Nigeria Breathing Space-Osita Okechukwu To Tinubu

urbanexpresslive
Last updated: December 22, 2024 12:53 pm
urbanexpresslive
Share
4 Min Read
SHARE

Taiwo Popoola

A founding member of the All-Progressives Congress (APC), Osita Okechukwu, on Sunday, appealed to President Bola Tinubu to rescue Nigerians from a debt trap in order to fulfil his Renewed Hope Agenda and allow citizens to breathe.

Okechukwu lamented that he cannot fathom how the Renewed Hope Agenda will bring the intended succor to Nigerians when the country is burdened with all manner of debts, both local and foreign, “prohibitive interest rates on treasury bills, dangerous dollar-denominated loans, and short-term Eurobonds, making the fiscal restructuring of debt service imperative.”

In a statement he signed, Okechukwu humbly appealed to the president, citing Benjamin Franklin’s admonition that “he who goes a borrowing goes a sorrowing,” and called for a high-powered panel of inquiry to reexamine Nigeria’s debts to uncover genuine and less-than-transparent debt transactions.

He cautioned that the huge debt burden threatens Nigeria’s nascent democracy and drains resources meant for health, education, and poverty alleviation.

According to Okechukwu: “It is regrettable that the budget for Defence (N4.91tr), Infrastructure (N4.06tr), Education (N3.52tr), and Health (N2.48tr), totalling N14.97tr, is far less than the N15.8trillion budgeted for debt service.”

Okechukwu acknowledged the removal of fuel subsidies, giving kudos to President Tinubu, but lamented that the humongous debt service has now become the new anti-production elephant in the room.

He said: “Yes, the fuel subsidy is gone, albeit the subsidy regime had links to the planlessness and squandermania that governed the sordid debt exercise. Or do we forget outliers like when Dr. Ngozi Okonjo-Iweala, the current WTO President, instituted a panel that probed and found that the fuel subsidy was riddled with corruption, upon which the culprits resorted to kidnapping her mother?”

“Accordingly, Mr President should dust off Okonjo-Iweala’s files and other bad loan files with the intent to recover monies and return Nigeria to a productive economy.”

Okechukwu recalled with nostalgia that Nigeria’s first loan from the Paris Club in 1964 was $13.1 million for the construction of the Niger Dam. He also mentioned Nigeria’s debt relief deal under President Olusegun Obasanjo’s administration in 2005, where $35.994 billion in debt was cancelled.

He noted, paradoxically, that today, Nigeria’s debt burden stands at N121.67 trillion, equivalent to USD 91.46 billion.

“The only way to break the fetters of the debt burden, as we did in 2005, is through fiscal restructuring. In other words, a high-powered multilateral panel of inquiry must ascertain our actual debt and seek debt cancellation,” he said.

On what must be done, the former Director General of Voice of Nigeria urged President Tinubu to make bold decisions.

Okechukwu added: “I agree with President Tinubu that we must make bold decisions, even though they may be painful. Accordingly, the necessary bold decisions at this critical juncture are not excessive taxation or high tariffs, but a multilateral, high-powered panel of inquiry comprising eminent local and international statesmen to reexamine our domestic and foreign debts as the only answer to save Nigerians from the debt trap.

“And secondly, plug corruption and restrict borrowing to only critical infrastructure through humanitarian groups like SUKUK and Friends of Nigeria.”

You Might Also Like

There’s No Chance For Atiku’s Presidential Ticket In PDP Come 2027-Wike Vows

Budget Presentation Green Chamber Enters Into Closed-door Session Ahead of President’s Arrival

Anti-Party Activity-Rep Ikenga Ugochinyere Gets The Boot From PDP

Political Interference On INEC Appointment; Jonathan, Jega Converse For Alternative  

We Acted In National Interest- Senate Leader, Bamdale Justifies Emergency Rule, NASS Ratification

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Twitter Copy Link Print
Share
Previous Article How Police Finding Reveals Otherwise in Amnesty Claims-FPPRO
Next Article Criminal Negligence, Poverty Behind Stampede Across Nigeria-Falana
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3kFollowersLike
69.1kFollowersFollow
11.6kFollowersPin
56.4kFollowersFollow
136kSubscribersSubscribe
4.4kFollowersFollow
- Advertisement -
Ad imageAd image

Latest News

2026 WCQ: Sales of Tickets Begin in Lesotho As Preparation For Super Eagles Begins
Uncategorized October 8, 2025
EPL:  They’ll Defeat Them-Paul Scholes Predicts Winner of Liverpool Vs Man Utd
Urban Sports October 8, 2025
Why Eagles Can Still Secure 2026 World Cup Ticket-Mikel
Urban Sports October 8, 2025
After Missing Three Drug Tests, Conor McGregor Banned From Fighting At White House
Urban Sports October 8, 2025
Executive Master of Transport Management
//

UrbanExpressNews is Nigeria Most Reliable Online News, With Quality Pedigree of Writers made available on the online space.

Download Our App

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

info@urbanexpresslive.com

 

Follow US
© 2024 Urbanexpresslive. All Rights Reserved.
Welcome Back!

Sign in to your account