Stop impetuous borrowing now, Rights Group warns Buhari

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The Global Center for Media and Human Empowerment(GCMHE) has condemned Wednesday’s approved grant components of $125 million – which Buhari had requested the facilities in an addendum to the 2018-2020 borrowing plan in September.

The group condemned the  approval made by the Nigerian Senate for Nigeria’s President Muhammadu Buhari (retd.), to get a fresh loan, describing it as “impetuous” .

The group said this in a press statement on Thursday, asking the National Assembly to rescind its decision to approve the president’s loan request.

Buhari recently sought the approval of the National Assembly to borrow $4,054,476,863 billion and €710 million, on the grounds of “emerging needs.”

The request was contained in a letter dated 24 August 2021.

The Senate again approved grant components of $125 million – which Buhari had requested the facilities in an addendum to the 2018-2020 borrowing plan in September.

The World Bank, African Development Bank, and the French Development Agency (AFD) are among the funding agencies.

Buhari had said the loans would stimulate the economy and create jobs.

The group made its position known in a statement by its Acting Executive Director, Charles Ejoh, titled, “Stop the impetuos borrowing now – GCMHE tells the presidency… urges the senate to rescind its decision of President Buhari’s loan request”.

The Human Rights and Empowerment group advised the Buhari led government to apply sound economic and fiscal policies for the administration of the country’s economy and prudent execution of programmes and projects.

The statement read, “It is a well known fact that since its assumption into office in 2015, the President Muhammadu Buhari led APC government in Nigeria in just 6 years and with no end in sight, has accumulated a outrageous debt burden of over N25 trillion with nothing on the ground to show for it and no accountability whatsoever on how the debt incurred so far would be paid.

“To received another approval of loans by the National Assembly  to borrow more money even when over 98% of our revenue is used to service the already incurred debt is an affront on the psyche of Nigerians and should not be allowed to continue.

“All Nigerians including the future generations will be the victims for the recklessness of this government if we all do not rise up to halt them. The Buhari led APCgovernment is only borrowing to consolidate on its grip to power in 2023, create opportunities for the continued emasculation of our common wealth and then transfer the burden to the young ones and the next generation.

“We therefore call on the National Assembly to as a matter of urgency stop out rightly and reject any other attempt by President Buhari’s for whatsoever reason to put an end to the unabated borrowing due to the grave consequences it portends for future generations because Mr.President and all those responsible for this malady are already aged persons ”

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