NCFront express worry over FG’s spending of 97% of revenue on debt servicing

Following media report that 97 per cent of revenue generated by the Nigerian government between January and May 2020 was spent on debt servicing, the youth wing of the pan-Nigeria political movement, NCFront has cried out over the mortgaging of the well-being and future of Nigerian Youths by the government’s non discretionary debt servicing and penchant for loan taking.

In a statement issued on Friday by NCFront Youth Wing and signed by Head of its Youths Relations Bureau, Mr Jude Feranmi, the NCFront Youths expressed worry that the government is again on the verge of borrowing to incur another round of interests on loans, pointing out that the unfortunate economic situation, where the country has been plunged, should be enough reason for the long-suffering youths of NIgeria to join hands with the National Consultative Front, NCFront to rescue their future by demanding a real change in government policies that reinforce their sufferings through misappropriation of Nigeria’s common patrimony.

It will be recalled a national daily reported on Thursday that the 2021 budget call circular published by the Budget Office disclosed that the federal government generated a total revenue of N1.62trillion out of the N2.62 trillion projected for between January and May 2020, and that within the five months, N1.58 trillion, representing 97.5 percent of the N1.62trillion generated, was expended on debt servicing.

“Again with the International Monetary Fund, IMF, projecting that debt servicing will gulp all revenues in Nigeria in 2020, and a possible fiscal deficit of 5.1trillion is envisaged in 2021, NCFront is compelled to disagree with government’s resort to imposing ridiculous taxes and charges over already impoverished Nigerians, who are currently pauperised by callous policies of government and unconscionable looting of the treasury by public officials”.

The NCFront youths also wondered why the government is still unable to block revenue leakages within Nigeria’s economic system and make judicious use of accruable funds at its disposal instead of having the Transportation minister, Rotimi Amaechi exercising fears about China not approving Nigeria’s loan requests if the National Assembly continues with its ongoing probe of the loan agreements between country and China.

The NCFront Youth Wing regretted that despite the fact that the youths have a greater stake in the repayment of the outlandish loans, the impact of public borrowings among the youth demography is as critical as the distress brought upon them by the appalling funding and budgetary allocations received by education sector which has continually foisted industrial actions on the sector as a regular occurrence.

“A large percentage of the country’s economy is still largely informal – more than 70 percent, however the government has chosen to overtax the youths who set up a majority of the SMEs trying to make ends meet within Nigeria’s failing economy. Today, we suffer and tomorrow is not assured as we are presently being shortchanged by debt that has to be repaid by us”.

The Leader of the NCFront Youths therefore called on the young populace to urgently rise and take back their country as done in other climes, urging them to team up with NCFront to rescue and create a New Nigeria We have to begin to engage the foundational political structure of our country that guarantees zero incentives for citizens to grow and function optimally.”