Politics
UNGA: Buhari Seeks Debt Cancellation For Nigeria, Others
Despite criticism back in Nigeria over his numerous loan requests in the past few years, President Muhammadu Buhari on Friday appealed to “rich nations” and international financial institutions for outright debt cancellation for countries “facing the most severe challenges in the wake of the Covid-19”.
He particularly urged G20 countries to extend their debt suspension initiatives to all developing countries, least developed countries and small island developing states facing fiscal and liquidity challenges.
He made the appeal during his speech at the 76th Session of the UN General Assembly in New York.
The president’s plea comes amid criticisms from Nigerians over his administration’s consistent borrowings.
His latest request for an external loan was sent to the Senate on September 14.
In his letter, the president sought the lawmakers’ approval to borrow $4 billion and €710 million loan from bilateral and multilateral organisations to fund the deficit in the 2021 budget.
He had said the loan request, an addendum to the 2018-2020 borrowing plan, is needed for some “critical projects.” He also asked the lawmakers to approve grant components of $125 million.
The request came barely two months after the National Assembly approved his earlier request to borrow $8.3 billion and €490 million loans contained in the initial 2018-2020 borrowing plan.
It triggered outrage from the opposition party, All Progressives Congress, Peoples Democratic Party, PDP.
While the party cautioned the NASS against approving the request, saying it could set the country’s debt profile skyrocketing without a feasible repayment plan, the APC said the loans were for “the good of the country” and well-being of the citizenry.
The president’s handlers have always argued that the government is only borrowing for capital projects and not for consumption as done by past governments.
But, developing countries, Mr Buhari said, have been faced with unsustainable debt burdens even before the pandemic.
‘‘The Covid-19 pandemic has increased the risk of a new wave of deepening debt, where vital public financial resources are allocated to external debt servicing and repayments, at the expense of domestic health and financing for critical developmental needs.
‘‘I must commend the current initiatives by the international financial institutions and the G20 aimed at significantly mitigating the economic situation of the indebted countries and urge for more efforts in this regard.
‘‘Therefore, there is an urgent need to consider expansion and extension of the debt service.
Accordingg to the statement, the Board and National Executive Committee of PANDEF, noted with very grave concern the recent spate of political developments in Rivers State.
“Regrettably, these developments have now degenerated into the decision of the Rivers State House of Assembly to commence impeachment proceedings against the governor and deputy governor.
“This is a deeply disturbing situation that demands urgent attention in order to forestall further escalation and breakdown of law and order.
“This concern is heightened by the critical importance and strategic centrality of Rivers to the Niger Delta region and to the broader socio-political stability and economic wellbeing of Nigeria as a whole”, the statement said.
The Forum called on all parties involved in the resurgent political imbroglio to sheathe their swords and embrace peace.
“This should be guided by the principles of give-and-take, dialogue, tolerance, and political equanimity.
“All stakeholders must place paramount importance on peace, development and the welfare of the people of Rivers.
“We must now focus squarely on good governance and development of the state,” the Forum said.
PANDEF commended President Bola Tinubu, the leadership of the All Progressives Congress (APC), respected elders of Rivers State, and other well-meaning Nigerians for their previous and ongoing efforts aimed at restoring peace and stability in the state.
Speaking in an interview on Saturday, January 10, Chief Sara-Igbe alleged that the minister had flouted regulations governing the commencement of electioneering campaigns by moving from one local government area to another to galvanise political support.
According to him, the action amounted to a clear breach of electoral guidelines being carried out with a troubling sense of impunity that could undermine the rule of law.
“Wike has violated the electoral laws of campaigning by going from local government to local government to talk to the people. He travelled from one local government to another. As a result of his visits to local government areas, he has broken election regulations and continues to do all these things without fear of repercussions”, Chief Sara-Igbe said.
The remarks came as Chief Wike was set to round off a state-wide “thank-you” tour that covered all 23 local government areas of Rivers State.
Although the minister had described the tour as an appreciation visit following support for President Bola Tinubu in the 2023 general elections, critics say the engagements have assumed an overtly political character.
Observers note that during several stops, including recent visits to Andoni and Bonny local government areas, the minister rallied supporters across party lines under what he termed a “Rainbow Coalition,” a move widely interpreted as part of a broader political strategy.
During these engagements, Chief Wike was also reported to have made remarks perceived as a veiled challenge to the authority of Governor Siminalayi Fubara, while repeatedly referencing the 2027 elections and urging supporters to prepare to “correct the mistake” of 2023.
Chief Sara-Igbe warned that allowing such activities to continue unchecked could erode public confidence in Nigeria’s electoral process and called on relevant authorities to enforce existing laws without fear or favour.
The Commission, in a statement on Wednesday, claimed that there were plans by the same group to escalate a smear campaign against its Chairman, Ola Olukoyede, to frustrate ongoing investigations and prosecutions involving prominent individuals.
The statement endorsed by the agency’s spokesman, Mr Dele Oyewale, claimed that the action was intended to distract the Commission through unfounded allegations of political bias in the discharge of its duties.
The EFCC warned that it would not stand by and watch “those recruited into this ignoble enterprise” or allow any attempt to derail it from “the patriotic task of improving public accountability in Nigeria.”
The Commission made it clear that those recruited into this venture were under close watch, adding that it would not tolerate any attempt to distract it from the patriotic task of improving public accountability in Nigeria.
“The EFCC reiterates its non-political stance in all its activities. Facts on the ground clearly show that any political actor belonging to the ruling party or opposition party, with corruption baggage, has no hiding place from the operational radar and dynamics of the Commission.
“As a matter of fact, several strong members of the ruling and opposition parties are either facing trial before the courts or being investigated by the Commission.
“It is needful that Nigerians appreciate the fact that the Commission is keeping faith with its Establishment Act in all its operations.
“Therefore, the Commission reiterates its commitment to justice, without fear or favour, in the fulfilment of its mandate,” the statement pointed out.
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