Steve Oko, Umuahia
Coalition of South East Youth Leaders, COSEYL, has descended on President Muhammadu Buhari, over the alleged plan by his administration to borrow another N11 trillion to finance the 2023 budget.
The group warned that Nigeria was fast sliding into slavery as the monies already borrowed by the Buhari-led Government had not been repaid.
COSEYL said that going for fresh loan would further worsen Nigeria’s economic woes and mortgage the future of the country.
The Igbo youth body described the move as gross insensitivity and a confirmation that Buhari’s lacks the capacity to manage Nigeria’s challenges.
COSEYL, in a press statement issued by its President General, Goodluck Ibem, urged Nigerians to resist any further attempt by the current administration to enslave the country.
It argued that instead of plunging Nigeria into irredeemable debt, it would be better for the President to honourably resign if he felt overwhelmed by the complex challenges of the country.
“It is truly worrisome that a man who knows within himself that he lacks what it takes to lead a country as big as Nigeria will not accept the truth and resign his position but will sit tight and be borrowing on daily basis to the detriment of the country.
“This excessive borrowing by Buhari confirms that he came to destroy our nation and what our forefathers fought so hard to achieve.
“Over two centuries after Wilberforce joined forces with Thomas Clarkson, Granile Harp, Charles Middleton and Hannah More to end slavery, Buhari is plotting to resume the illegal and inhuman trade through excessive borrowings.
“This excessive borrowings by the Buhari’s administration knowing full well the implications if not repaid will put Nigerians into slavery.”
COSEYL called on Nigerians to wake to the sad economic implications of Buhari’s borrowing spree to avoid mortgaging the future of the unborn generations.
“We have pretended enough, and for too long. It is time for us to wake up and smell the coffee. We are in a bad shape as a country.
“At the rate we are borrowing, Nigeria is worse than a failed nation. Our dear country is in a deep mess. We should no longer be extenuating about the hopelessness of our situation brought upon us by President Buhari. The situation is really worrisome and scary.
“The Nigeria National Petroleum Corporation, NNPC, that is controlling and managing the major source of Nigeria’s revenue which is oil, has been living up to expectation under successive administrations in the past by remitting monies generated from the sale of oil to the federation account. But under President Buhari, no money is coming into the federation account from the NNPC.
“The Organization of of the Petroleum Exporting Countries, OPEC, said Nigeria sold oil worth $206 billion US dollars from 2015 to 2019. After making such huge sales from oil alone, why the excessive borrowing on daily basis by President Buhari?”
COSEYL called for the resignation of NNPC boss for the failure of the corporation to remit revenue to the federation accounts.
“It’s time for the resignation of the Group Managing Director, GMD of NNPC and her activities properly screened and investigated by an impartial independent audit panel. The gross incompetence and corruption by the NNPC is one of the main reason for the excessive borrowings.
“We therefore call on the senate not to approve another borrowing but rather institute an impartial Independent Audit and Recovery Panel that will probe and investigate all the monies generated from NNPC, taxes and excise duties, contracts awarded, monies generated from Gold and other solid minerals, Abacha loot and other loot recovered by the government.”