Group condemns FG’s move to borrow for 2023 budget financing
The Coalition of South East Youth Leaders (COSEYL) has frowned on alleged plan by the Federal Government (FG) to borrow N11 trillion to finance the 2023 budget, saying that excessive borrowings will plunge the country into slavery.
It noted that monies borrowed before now by FG have not been repaid. The group stressed that embarking on further borrowing, with existing huge debt profile, would amount to gross insensitivity.
In a statement by the President of COSEYL, Goodluck Ibem, the group insisted there is need for FG to devise ways of running the country and meet its financial obligations to avoid acts that could mortgage the future of the country.
“Excessive borrowings by the Muhammadu Buhari administration, knowing full well the implications if not repaid, will enslave Nigerians.
“We have pretended enough, and for too long. It is time 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 country is in deep mess.
“Without the help of a soothsayer, it is clear that monies generated from oil on daily basis are not accounted for.
“We cannot be borrowing without asking questions on how the debts would be repaid.”