January 28, 2023

Nigeria’s Growing Debt: Group Warns FG on Sale of Assets

As Nigeria’s debt profile rises to 31.09 trillion as at June, 2020 according to the Debt Management Office (DMO), the Socio-Economic Rights and Accountability Project SERAP has called on the Senate President, Dr. Ahmad Lawan and the Speaker, House of Representatives, Femi Gbajabiamila to restrain President Buhari ‘s financial excesses.

This growing concern is being prompted by the Nigeria government’ s move to sell off some of the national assets to be able to partly finance the 2021 budget signed by President Muhammadu Buhar which is to the tune of 13.58 trillion Naira.

The group sounded the warning through their Deputy Director, Kolawole Oluwadare recently when the Minister for Finance confirmed the intention of the Federal government to sell some government-owned properties to run the 2021 budget.

They expressed that rather than sell government assets, the two chambers should consider the fiscal budget and cut down the salaries and allowances of members as well as that of the Presidency to enable them save some money to address the level of deficit and borrowing.

The group said the lawmakers have the responsibility to protect valuable public properties and ensure responsible budget spending.

“It is high time the lawmakers have a re-think and caution the President to stand up for Nigerian citizens and push for a responsible budget and encourage them to have a responsible budget and spending,” they added.