Buhari Govt Urged To Return $800 Million Fuel Subsidy Removal Loan (www.naijanews.com)

Buhari Govt Urged To Return $800 Million Fuel Subsidy Removal Loan


These are the things we are spending on few weeks before the end of this administration and this is unacceptable.

He condemned the alleged reckless spending of this administration in the last weeks, saying its totally unnecessary and its a clear sign of diversion of public funds for personal interest and not for the overall good of the country.

He called on the financial watchdogs of the country to spotlight all public spendings that have not followed adequate procurement process.

The CISLAC Executive Director said whats the need for acquiring fighter trucks towards the end of an administration a position you have held for over 8 years but you find no need to acquire the trucks until the end, this is a clear sign of contracts scams that doesnt follow due process and public interest it is simply a financial recklessness.

And Nigeria as a nation that is so swamped up in debts we cant afford that right now because wheres the public interest in that elephant project

Also the Minister of Communications have gone ahead to get an approval of FEC for N24.2bn for internet access at airports and universities but this are services that naturally should be done by service providers.

Nigeria is already in another debt trap.

Is this what we are borrowing to spend on

Also, we read that the Minister of Communication and Digital Economy announced the approval of 24.2 billion to provide internet facilities at airports and some institutions amongst other places.

The Federal Government has been told to return the World Banks 800 million loan meant for cushioning fuel subsidy removal.

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It would be recalled that the federal government took a World Banks 800 million loan as a palliative to cushion the effect of the proposed fuel subsidy removal by June.

However, the government reversed its proposal on the removal saying it needs more time to prepare towards it.

But, in his reaction, Executive Director ofCivil Society Legislative Advocacy Centre (CISLAC),Auwal MusaRafsanjani, in a statement said the government should return the loan since the removal of fuel subsidy has been postponed.

MusaRafsanjani queried the President Muhammadu Buhari administration over its alleged nonchalant attitude towards the countrys crippling debt crisis.

The CISLAC boss noted that fears of the country getting another 800 million loan from the World Bank sends waves of worries in the minds of Nigerians as Nigerias revenue collection in 2022 stood at N10 trillion, with a debt of about N77 trillion.

He said that borrowing to fund postfuel subsidy removal palliatives is strange, and that if the fuel subsidy removal process has been suspended as announced by the Minister of Finance after the NEC meeting at the end of April, then the government should return the borrowed money because what are we taking the loan for

In 2022, Nigeria paid about N7 trillion in fuel subsidy and in 2023 from January to June when the country intends to stop paying the subsidy is N3.6 trillion so if we are paying such whopping amount of money when subsidy is removed, we should have enough savings instead of taking additional loans, we can use the subsidy funds for post fuel subsidy removal.

As a matter of fact, we dont need to borrow.


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