Beam searchlights on FG over $3.4b COVID 19 loan, subsidy savings, CSOs Charges NASS

The National Assembly has been charged to probe the $3.4billion loan collected by the Federal Government from the International Monetary Fund (IMF), in April 2020 without proof of expenditure on anything, Coalition of Civil Society Organisations (CSOs) has charged

They also faulted unending requests for loans by the Federal Government and expeditious approvals given by the National Assembly with little or nothing to point at, as what the loans were used for.

They added that, savings made by the government from fuel subsidy removal from May last year till date, have not been accounted for by the government as Nigerians are watching and suffering .

The Nine CSOs led by the Executive Director of Civil Society Legislative Advocacy Centre (CISLAC), Auwal Musa Rafsanjani, at a media briefing, alleged that the incessant loan collections by the FG, made the debt profile of the country to hit N87.9tr mark which is equivalent to $114.3b

“The escalating debt burden has profound implications for the well – being of Nigerian citizens , and failure to act quickly could result in an additional 23million Nigerians living in poverty and 80milliion working – age citizens without a full time job by 2030.

“These concerning trends underscore the need for the National Assembly to urgently do the needful by among others, investigate the movement and spending of loans received by the Federal Government in the past and present administrations , including but not limited to the $3.4billion loan obtained from IMF as reported in the 2020 annual audited report published by the Auditor – General of the Federation .

“Stopping borrowing for recurrent expenditure ( personnel and overheads ) and dilatory capital expenditure that adds no value to economic growth, wealth creation and development.
‘Demanding accountability for petrol subsidy savings and sincerity of purpose in fulfilling the government ‘s ‘ promises of renewed hope ‘ to the millions of Nigerians who no longer have belts to tighten”.

Other CSOs represented at the media briefing by their Executive Directors, were Centre for Democracy and Development,
International Budget Partnership, Paradigm Leadership Support Initiative,
Oxfam, Social Action, Christian Aid, Action Aid