Like we all know, one of the functions of the National Assembly include the making of laws, the controlling of the finances of the State, and also a critical role to check the actions of government. However, as it stands, history will judge you leaders and members for not being proactive in directing our economy towards enhancing its innate capacity of attaining self-sufficiency, the ultimate safety valve for debt dependence.
So, Mr. Senate President and House Speaker remember, you must remember that your current positions are a responsibility bestowed on you by God. You must know that you will account for every deed you engaged in under oath as a president and speaker, and you will appear before Almighty Allah in the chain on the day of judgment.
Maybe our lawmakers have easily forgotten that their mandate was hard-fought and won. Their people overwhelmingly voted them into office with the expectation of having new dawn of innovative legislature. One of the most important qualities of public servants includes integrity, accountability, empathy, humility, resilience, vision, influence, and positivity. In order to be an effective public servant, one must think about the people and situations facing them.
The electorates were expected to have a representation that prioritise citizens’ opinion and create new ways to make their voices heard, giving them the ability to provide input into regulations, budgets, and other civic services. Citizens’ expectations of public legislators’ performance influence their attitudes and behaviour towards services, including satisfaction, choice of service and political voice of their constituencies.
Your conducts since your oath of offices have been scary to the well being of the state and the citizens considering the way things are being run in the country. For instance, Nigerians utmost fear for the continued survival is debt dependence by the government to finance its programs from both domestic and foreign loans.
If the leadership of the national assembly does not do the needful, who else can protect the interest of messes? Recall that President Muhammadu Buhari’s first tenure in office have not yet delivered the expectations of Nigerians, especially, the lower class citizens. The government, throughout its first tenure put blame on the leadership of the 8th assembly, specifically, Bukalo Saraki. Again, Nigerians voted this government in 2019 hoping that since there would be a change in the leadership of the National Assembly, their aspirations would be achieved. Ironically, Nigerians cry more than they did in the first tenure which was criticized for having unprogressive leadership.
Let me reiterate the concerns of voice of voiceless of millions of Nigerians. Did the leadership of the National Assembly consider that the burden of debt to be left by the government is going to be too weighty for the lean shoulders of our weak economy? Obviously, Nigerians will be turned to slaves and beggars in their own country by the creditor nations.
Let the leadership of Nigeria’s National Assembly understand history will judge them as legislative leaders that compromise their responsibilities in checkmating this reckless loan spree by the government. I can’t call you rubber stamp of the presidency but it seems there are many compromises in discharge your responsibilities.
Within this month alone, the National Assembly approve a fresh foreign loan of $5.513 billion for the purposes of implementing the revised 2020 budget, assisting states to fight COVID-19, and tackling food security. This is excluding another $22.79bn loan approved by the Senate. Just last week, the lower house eventually gave its approval to the previous week last week. So how can you guarantee Nigerians that the President will not come up with the new request soon after.
Approvals of this reckless loans clearly demonstrated your gross insensitivity toward citizens, now and unborn. What is the guarantee that the administration and the subsequent ones would have the capacity to repay without harming the security and welfare of the citizens which are primary reasons for being in government?
Recently President Buhari called for debt forgiveness for Nigeria and other nations.
Recently President Buhari called for debt forgiveness for Nigeria and other nations. It has demonstrated that even PMB’s administration knew the state of debt has taken its greatest liability to the continued existence of the country and even the coming administration can’t afford it.
In April, Finance Minister Zainab Ahmed said the government is seeking a temporary suspension from multilateral and bilateral creditors to unlock funds to battle the illness that is spreading fast in Africa’s most populous country.
Did the leadership of national assembly and those in the executive arms of government consider the fears of Nigerians about the whole debts issue?
According to Nigeria’s Debt Management Office (DMO), the country’s debt stock as of April 2020 stood at $27 billion, thereby exceeding the 2005 level of $20 billion which spawned the country’s stampede for debt forgiveness by the London and Paris Clubs of creditors. After the successful downward resolution of the country’s external debt profile to $3.5 billion in 2006, the country later commenced another build-up of external debts until it got to the present level than clearly calls for caution, by the nation’s fiscal authorities.
Nearly half of Nigeria’s outstanding external debt is with multilateral lenders, led by the World Bank Group with $10.1 billion.
Nearly half of Nigeria’s outstanding external debt is with multilateral lenders, led by the World Bank Group with $10.1 billion. Beijing-based Export-Import Bank of China is the second-biggest creditor with loans totaling $3.2 billion, while Eurobonds account for $10.86 billion or 39% of external debt. The other is from the African Development Bank Group there is the: ADB $1.359 billion; ADF $926.14 million; BADEA $5.88 million; EDF $55.17 million; IDB $14.26 million; and IFAD $197.84 million for which Nigeria is seeking cancellation.
Nigeria doesn’t have any justification to request a debt relief since it does not care for taken loans. Even President Buhari’s plea to international financial institutions for an outright cancellation of Nigeria’s debt obligation to Nigeria to help better withstand the coronavirus pandemic would be unjustifiable. Debt forgiveness for Nigeria? I don’t think this second chance can be possible. But the major concern is who will pay these huge debts?
*Abba Dukawa wrote in from Kano State and can be reached at abbahydukawa@gmail`
