{"id":222361,"date":"2020-06-01T15:57:13","date_gmt":"2020-06-01T14:57:13","guid":{"rendered":"https:\/\/arewa.ng\/?p=222361"},"modified":"2020-06-01T15:57:57","modified_gmt":"2020-06-01T14:57:57","slug":"youre-worsening-nigerias-problems-stop-borrowing-cnpp-tells-buhari","status":"publish","type":"post","link":"https:\/\/arewa.ng\/?p=222361","title":{"rendered":"You&#8217;re worsening Nigeria&#8217;s problems, stop borrowing &#8211; CNPP tells Buhari"},"content":{"rendered":"<div id=\"mvp-content-main\">The Conference of Nigeria Political Parties (CNPP) has told President Muhammadu Buhari to improve on accountability and transparency amid Nigeria\u2019s increasing debt profile.<br \/>\nThis was contained in a statement on Monday by the CNPP Secretary-General, Willy Ezugwu.<br \/>\nIt said the continued resort to external borrowing at the slightest challenge was creating problems for the country\u2019s future.<br \/>\nCNPP urged the Buhari administration to reduce the cost of governance and explore other options, including harnessing non-oil revenues, instead of borrowing.<br \/>\nEzugwu recalled that Nigeria\u2019s internal and external debt stock stood at N12.06 trillion ($63.5 billion) as of March 2015.<br \/>\n\u201cBut as of September 30, 2019, according to the Debt Management Office (DMO), Nigeria\u2019s total public debt jumped to about N26.2 trillion (or $85.4 billion).\u201d<br \/>\nThe statement lamented that the Nigerian Senate, after raising an alarm about Nigeria\u2019s situation, went ahead to approve a fresh loan.<br \/>\n\u201cIn March this year, the same Nigerian lawmakers approved President Buhari\u2019s $2.36 billion loan request. In April, the International Monetary Fund (IMF) approved $3.4 billion in emergency financial assistance under the Rapid Financing Instrument to Nigeria.\u201d<br \/>\nThe parties said they were shocked that the government, despite getting tranches of Abacha loots, is seeking a fresh $5.513 billion.<br \/>\nCNPP expressed worry over the Buhari administration\u2019s revelation that debt servicing would gulp a part of the total revenue accruable to Nigeria in 2020.<br \/>\n\u201cThe government is now spending N2.452trn or 29% out of its N8.42trn set as revenue target in 2020 to service debts. When a country continues to borrow in the face of rapidly dwindling oil revenue, the future of Nigerians yet unborn will eventually be squandered by our generation.\u201d<br \/>\nCNPP decried that in many parts of the country, foreigners are \u201charvesting Nigeria\u2019s solid minerals free of charge while the federal government has continued to borrow to fund the 2020 budget\u201d.<br \/>\nAside from the slash in the cost of governance, the statement called for the blocking of leakages, farmers\u2019 empowerment, improved internal security and provision of incentives to encourage young people to invest in farming.<br \/>\nMeanwhile, the Socio-Economic Rights and Accountability Project (SERAP), has sent a Freedom of Information request to Buhari to provide spending details of all loans obtained by his government since May 29, 2015.<br \/>\nThe president was given a seven days ultimatum to provide the details.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Conference of Nigeria Political Parties (CNPP) has told President Muhammadu Buhari to improve on accountability and transparency amid Nigeria\u2019s increasing debt profile. This was contained in a statement on Monday by the CNPP Secretary-General, Willy Ezugwu. It said the continued resort to external borrowing at the slightest challenge was creating problems for the country\u2019s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3],"tags":[2658,41,10682],"class_list":["post-222361","post","type-post","status-publish","format-standard","hentry","category-news","tag-a","tag-buhari","tag-cnpp"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/posts\/222361","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=222361"}],"version-history":[{"count":0,"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/posts\/222361\/revisions"}],"wp:attachment":[{"href":"https:\/\/arewa.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=222361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=222361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=222361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}