President Muhammadu Buhari’s regime and successive governments will continue to borrow foreign loans to service the nation without the rem...
President Muhammadu Buhari’s regime and successive
governments will continue to borrow foreign loans to service the nation without
the removal of the contentious fuel subsidy, says his media aide Femi Adesina.
He added that Nigerians will still have to pay a price for
suspended fuel subsidy removal because Mr Buhari regime may continue to incure
more debt to run the country.
“Head or tail, Nigeria will have to pay a price,” he said.
“It’s either we pay the price for the removal (fuel subsidy) in consonance and
in conjunction with the understanding of the people, but if that will not come,
the other cost is that borrowings may continue, and things may be difficult
fiscally with both the states and the federal government,” said Mr Femi in an
interview with Channels TV on Wednesday while speaking on Mr Buhari’s decision
to suspend the removal of subsidy.
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He added, “You know how much could have been saved if the
subsidy was removed and how it could have been diverted to other areas and
spheres of national life. But if you do not go that way now – and I agree that
it may not be auspicious to go that way, then we have to pay a price.”
Nigeria’s foreign debt stood at $7.3 billion under
ex-President Goodluck Jonathan. Under Mr Buhari, it has risen to $28.57 billion
as of December 2020.
According to Nigerian Domestic and Foreign Debt Report,
published last year by the National Bureau of Statistics (NBS), the country’s
total public debt as of September 2020 stood at N32.2 trillion ($84.57
billion).
In November 2021, minister of finance, budget and national
planning Zainab Ahmed said the regime would effect fuel subsidy removal by June
2022, adding that Nigerians would be supported with N5,000 transportation
allowance to cushion the effect of subsidy removal.
However, amidst opposition and planned protest against
removal of subsidy by Nigerian Labour Congress, Buhari-led regime announced the
suspension of the decision for 18 months.
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