Former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has warned President Bola Tinubu against fresh borrowings.
Issuing this warning in a statement made available on his official X account, he said that reports that Tinubu was planning to take on fresh loans while senators were planning to splash outrageous amounts was an indication that Nigeria is not a serious nation.
“There is a real problem when Nigeria is set to borrow another $1.5 billion from @WorldBank for budget support, and SUVs worth N160 million each are reportedly to be bought for 360 members of the House of Representatives. We are not yet serious as a country,” a tweet by Mr Moghalu read.
News About Nigeria recalls that the Federal Government had last week approached the World Bank for a 1.5 billion dollar loan in budget support as the country’s debt profile continues to rise.
At the current World Bank/International Monetary Fund (IMF) Annual Meetings, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, made hints regarding the developments in Marrakech.
Additionally, Edun declared that the President will adhere to legal restrictions while requesting budget support facilities from the Central Bank of Nigeria (CBN).
Mr Moghalu’s comment comes as the country’s economic woes continue to mount. Tinubu had on assumption of office immediately removed fuel subsidy.
Tinubu, in the aftermath of fuel subsidy removal, pledged palliative measures to cushion the effect of the recent removal.
However, economic experts have continued to kick against fresh plans by his administration to take on fresh loans.
