The Convener, Youth Arise Movement, Comrade Ademola Babatunde, has called on the National Assembly to halt President Bola Tinubu’s new request for external loan approval, and launch an independent investigation into the recovered looted funds and assets to confirm the exact level of the pension liability and how same can be paid from the recovered looted funds and assets.
In a statement on Thursday, Babatunde also said the National Assembly, as the representatives of the people, should ensure that funds approved and disbursed for developmental projects are utilised for the precise purpose and not embezzled. maintaining that it is time to rise in unison to say no to further mindless borrowing.
He said this has become important following Tinubu, on Tuesday, submitting a request to the National Assembly for approval for an external loan to the tune of \$21,543,647,912, €2,193,856,324.54, ¥15 Billion, and €65 million grant, aside from also seeking approval of the National Assembly to issue government bonds in the domestic market to the tune of ₦757 Billion to settle accumulated pension arrears.
“The President also stated that the loan was necessary to finance critical sectors of the economy, including agriculture, education, infrastructure, security, amongst others. Coincidentally, on the same day the President sent the request to the National Assembly, the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, disclosed that looted funds totalling $967.5 billion and ₦277 billion have been recovered in cash and assets by the anti-graft agencies. He added that the said recoveries were made in the year 2024 alone.
“I humbly call on the President to also create a unit with renowned and respected businessmen with years in finance to look into the recovered looted funds and assets, critically appraise same, confirm all the projects the Honourable Attorney-General of the Federation stated that the monies were used for, and scrutinise the ones they are proposing to do.
“For accountability and transparency purposes, we must critically review our OPEX (operating expenses) analysis to be able to know what exactly is the need of the people and how best to handle it. The Presidency should pay attention to how projects are being handled in this Administration to avoid double allocation.
“It is the duty of every Nigerian to pay attention to details in the news and to every statement our leaders are making to be able to assist them in making the right decisions and getting things done the right way to ensure that they are not going in a wrong direction.”
Babatunde argued that if the approval sought by the President is granted by the National Assembly, Nigeria’s total debt will rise to over ₦180 trillion, yet economic experts have warned about the rising debt profile of the country and the dire consequences on the economy.
He further said there is a mindless borrowing by the present administration, which calls for concern and caution before the country is led into financial doldrums, adding that Nigeria is presently sitting on a ticking time bomb which can explode at any moment without warning.
“One cannot but wonder why the present administration that claimed to have recovered humongous sums of money and assets would quickly return to borrowing. It is time for the National Assembly to rise to the occasion by not approving the loan request of Mr. President. At this material and critical time, the country is in need of a vibrant, pragmatic, responsive, responsible, and dedicated National Assembly to save this country from a slippery slope.
“A vibrant National Assembly should launch an investigation into the matter and call the Federal Government to account for the recovered looted funds, cross-check the revenue accrued, review the books of the Federal Government with respect to the disbursement and administration of monies appropriated by the National Assembly in line with Section 88(1)(a)(ii) and (2)(b) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended).
“There is very serious need to hold our leaders accountable on how they are spending the state resources. In the light of the above, I humbly call for the establishment of ‘The Presidential Delivery Unit’ that will be bestowed with the responsibility to brief the country on the revenue of the government, recovered looted funds, the deployment and administration of same to curtail looting and embezzlement.”
