The National Chairman, Peoples Redemption Party, (PRP) Falalu Bello has said that the continuous borrowing of money to fund budget and implement infrastructure deficit is tantamount to mortaging the future of Nigerians.
Falalu while speaking over the weekend at a press briefing in Abuja stated that continuous borrowing in the face of reduction in revenue earnings is wrong and akin to mortaging the Nigerian future particularly to the foreign lenders thus, gradually again taking the Nigerian Nation and future into servitude.
According to Falalu, Nigeria’s public debt stock in the 5 years has increased by 161% with total debt at N35.5 trillion with debt servicing at N3.34 trillion, a very serious and dangerous trend.
Similarly, Falalu expressed disappointment over the huge cost of governance stated that it was wrong to spend 35% of the of the 2020 budget on wage bill and suggested that cost of running governments at the federal level be drastically reduced.
Falalu opined that there should be reduction in the executive arm of government at all levels inclusive of the presidency, reducing the unacceptable debt profiles of the federal and some state governments putting pressure on revenues on debt servicing while
MDAs with duplicative functions should be merged.
He however appeal to the National Assembly to stop these further borrowing and ensure that the executive show to us the immediate use of past borrowings, how the government intend to service these debits and what steps are being taken to increase foreign exchange earnings of the nation with room for growth and meaningful exchange rate as servicing of foreign debts is done in foreign currencies.
In order to achieve these, Falalu noted that the party will through the Nigerian Press ask Nigerians to start a text protest to members of the House of Representatives and the Senators by asking the Nigerian Youth to reach out to leadership of House of Representatives and Senate as well as the members representing them to protest increase in borrowings and request the reject current additional borrowing.