The call for urgent action to address Nigeria’s mounting debt burden and alleviate the strain on the country’s finances has been made by the pan-Yoruba socio-political organisation, Afenifere. In a statement issued by its National Publicity Secretary, Comrade Jare Ajayi, the group urged President Bola Tinubu to take decisive steps to seek debt relief from creditors and simultaneously reduce the emoluments of public officials.
The concern over the escalating debt situation stems from the potential consequences it may have on the provision of essential social services and infrastructure. Afenifere underscored the need for President Tinubu to engage in diplomatic efforts to secure debt forgiveness, drawing attention to a past instance in 2005 under former President Olusegun Obasanjo’s administration, which was not effectively managed.
Despite acknowledging the challenge of this endeavor, the group expressed confidence in President Tinubu’s ability to demonstrate Nigeria’s potential and commitment to responsible governance, which could possibly sway creditors to consider the plea for debt relief.
However, Afenifere made it clear that achieving this goal requires parallel efforts to curb financial leakages and combat corruption within the ranks of public officials. Drastic reductions in the emoluments of political office holders were deemed essential in making the plea for debt forgiveness more compelling to potential creditors.
One of the instances cited by Afenifere to highlight the insensitivity of some elected officials was the controversial allocation of N70 billion out of the N500 billion earmarked for palliatives by the National Assembly. The group called on President Tinubu to intervene and reverse this decision, emphasizing the need for elected representatives to prioritize the welfare of average Nigerians.
The organization urged President Tinubu to address the issue of rising electricity tariffs imposed by distribution companies. Afenifere argued that the lack of significant improvement in electricity supply did not warrant such tariff hikes. The burden of various taxes and high service and commodity costs already weighed heavily on the Nigerian masses, making further tariff increases unjustifiable.
The recent escalation of school fees across the country was highlighted as a matter of concern, as it threatened to increase hardships for the people and potentially lead to a rise in the number of school drop-outs. Afenifere appealed for the immediate reversal of these fee hikes to ensure accessible education for all.
