FG Borrowing Nigeria into Another Colonialism, say PRP National Chairman Falalu Bello

FG Borrowing Nigeria into Another Colonialism, say PRP National Chairman Falalu Bello

By Frank Ajufo

The National Chairman of the Peoples Redemption Party (PRP), Falalu Bello has raised concerns over the skyrocketing cost of food prices, rising insecurity, and the poor performance of the Nigerian economy.

Falalu who spoke during a press engagement at the party’s secretariat in Abuja noted that the bad state of the nation is an attendant consequence of the spate of borrowing by the President Muhammadu Buhari led All Progress Congress (APC) administration to fund running costs of governance.

The Chairman of PRP who anchored his engagement on two major issues, “Costs of Governance in Nigeria, and Nigerian Economy and Borrowing into Servitude” noted that reckless borrowing over the immediate past five years has put Nigeria on a 161% debt burden, with every Nigerian owing foreign countries and private organisations the sum of 165,000 naira.

He expressed worry that the monies being borrowed are not employed to activities that will grow the economy but used to service existing debt, further plunging the country into more debts.

“Despite the Nigerian debt stock, Mr. President has recently written the National Assembly - representatives of the Nigerian public charged with the responsibility of authorizing such borrowings on behalf of the population – seeking approval to borrow additional billions of dollars translating into trillions of naira as additional external loans.

“It has been reported that the House of Reps has rubber stamped this request and we expect the Senate to also follow suit.

“We here hasten to say that it is minimally wrong for any nation which spends 90% of its revenue on debt servicing to further borrow.

“Borrowing Nigeria into servitude will bring about another colonialism,”

Falalu reiterated the party’s earlier call for the Federal Government and those at other levels to take practical steps to reduce the cost of running government, which is currently unsustainable, impoverishing Nigerians and worsening their sufferings.

He advocated that government should organize town hall meetings with the Nigerian people to decide if Nigerians are willing to continue with the bicameral legislative system which he says is currently running the country aground.

“We want to through you the Nigerian press appeal to the National Assembly, reminding them that they have the historic responsibility of stopping these further borrowings and forcing the Executive Arm of government of Nigeria to show to what use the immediate past borrowings have been put to.

“Not only the Federal Government but also the state governments that borrow. Where have the monies gone into? They tell you us roads. I am fairly travelled, I cannot speak of any road that was started and completed in the past 6 years and was completed in northern Nigeria.”

When asked if he thought the National Assembly will allow the people’s will to prevail, Falalu advised that a text protest approach be adopted, as it has shown to yield results in opposing reprehensible government policies.