From Atiku Sarki, Abuja
The Coalition of United Political Parties (CUPP) has kicked against the N33 trillion debt borrowing by the present administration, saying that the nation is broke and its economy is depending only on borrowing.
The CUPP spokesperson, Ikenga Imo Ogochinyere, who disclosed this at a press conference in Abuja on Wednesday, said that the debt profile of the country is set to surpass the N33 trillion thresholds and members of the coalition have declared that Nigeria is broke.
According to him, the Nigerian opposition would soon declare a citizen’s national day of action.
He noted that from the National Bureau of Statistics and from experts in the area of the economy showed that the country is broke and the continue borrowing by the Federal Government he said, is unsustainable, calling on the Civil Society Organisations and other groups including youths, market women, and students as well as other Nigerians to begin having meetings and mass mobilization to express themselves in a civil process and says enough is enough.
He said the opposition political parties and other group must know why the present government is not seeing the danger of borrowing when more than the country’s revenue was already being used to service debts. He stated that the country was now running on what they called ‘Molue Economy’ which is 44 sitting and 99 standing insisting that the country’s had increases by 366 per cent since 2015.
The spokesperson of the CUPP observed that the country now spends more on debt servicing than on health and education, saying that due to the incompetence of the present administration, which he observed, there has been a decline in the country’s revenue.
He explained that in 2020, the total revenue of government was just about N3.4 trillion despite all the increases in prices and cost of every government service whereas in 2015, the total revenue of government was N5.43 trillion. He noted that oil prices were higher in 2020 than it was in 2015 yet our revenue was declining.
Mr. Ugochinyere however, argued that every economic index in the country is currently worsen than it was in 2015, maintaining that this was due to the incompetence of the present administration and the members of the National Assembly for their continuing approved more borrowing for Mr. president.