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Afenifere cautions FG over rising debt

Pan-Yoruba socio-political organization, Afenifere, yesterday told the Federal Government not to turn Nigeria into a perpetual debtornation, calling on the National Assembly to stop acceding to every loan request being made by the executive henceforth. This was contained in a release by its National Publicity Secretary, Comrade Jare Ajayi. The group expressed dismay at the disclosure by the Minister of Finance, Budget and Planning, Dr Zainab Ahmed, and the Debt Management Office (DMO) that as much as 74 per cent of the country’s earnings go into debt servicing. It was disclosed that as of September 2021, Nigeria’s debt was N38.005 trillion and has not stopped rising. It said: “Neither was it reflected in the living standard of Nigerians. As a matter of fact, it looks as if the more Nigeria is sinking into the debt dungeon, the more the standard of living goes down.”

 

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