Uche Onyema, Owerri
The Igbo Heroes Foundation (IHF), founded by the late Chief Emmanuel Iwuanyanwu, has condemned President Ahmed Tinubu’s proposal for a fresh loan, citing concerns that it may worsen the country’s economic situation.
National Coordinator of the group, Chinedu Nsofor, a former aide to the late Iwuanyanwu speaking to newsmen in Owerri expressed disappointment that the President hasn’t addressed questions about the management of funds from fuel subsidy removal.
He said: “Our debt has reached an alarming $94 billion (₦144.7 trillion) as of December 31, 2024, with a 65.6% jump since President Tinubu took office in 2023,” Nsofor said. “This represents a 1,048% increase in debt under the APC since 2015. What’s the justification for borrowing more when our debt-to-GDP ratio has crossed 50% and we’re using over 130% of our revenue to service debt?”
Nsofor questioned the lack of transparency in the use of subsidy savings, noting that previous administrations, like President Goodluck Jonathan’s, had a plan and implemented projects like the Subsidy Reinvestment and Empowerment Programme (SURE-P). He emphasized the need for accountability, a social safety net, infrastructure roadmap, and job creation to address Nigeria’s dire security situation.
Nsofor urged lawmakers, particularly those from the South-East, to demand detailed report on fuel subsidy savings expenditure, equitable development, and a blueprint showing loan deployment across the six geopolitical zones.
“We’re not asking for miracles, but accountability. Every Nigerian must be carried along if these loans will be paid back by our taxes and our children’s future,” Nsofor declared.
