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
    Edo Tribunal Verdict Leaked, Judgement Surfaced Online, Affirms Okpebholo Winner
    April 1, 2025
    Shameful-UK Foreign Secretary, Lammy, Slams Badenoch For Defending Isreal Over Labour MPs
    April 6, 2025
    Lai Mohammed Hints On How He Ended Narrative About Insurgents Controlling Borno Towns
    April 15, 2025
    Latest News
    He Can Be Defeated- Omojuwa Says Tinubu’s 2027 Presidency Can Be Swung Either Direction
    July 27, 2025
    North’s Best Choice For 2027 Presidency Is Jonathan, Not Peter Obi-PDP Chieftain, Umar Sani
    July 26, 2025
    What ADC Spokesman, Abdullahi Says Regarding Obi, Atiku Candidacy, Coalition
    July 23, 2025
    I Won’t Leave Peoples Democratic Party, Adeleke Insists
    July 23, 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

Weapon, Morale We’re Lacking, Reason Military Can’t Defeat Terrorism In Nigeria-Ndume

Why Trump Takes Decisive Action, Stopped Financial Flow Against Cartel De Sinaloa Money Launderer -Rubio

Rivers: Leave Judiciary Out of Crisis-NBA Condemns Resolution On Chief Judge

Tax Reform Bill; Why We Need Senators Like Ndume-Uzo Kalu

Group Accuse Osun State Assembly of Ignoring Petitions

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

He Can Be Defeated- Omojuwa Says Tinubu’s 2027 Presidency Can Be Swung Either Direction
Discover Politics July 27, 2025
How NDLEA Arrested Chinese Businessman, Octogenarian With Colos In Moimoi Sachet  
Crime Lence Crime Reports July 27, 2025
What Portable Said To VeryDarkMan  On Challenges To Street Brawl
Entertainment July 27, 2025
What David Said About Hardworking Against His Wealthy Father
Entertainment July 27, 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.
Need Help? Chat with us
Start a Conversation
Hi! Click one of our member below to chat on WhatsApp
The team typically replies in a few minutes.
Urbanexpresslive
Welcome Back!

Sign in to your account