Chinese loans: Buhari govt has mortgaged future of Nigerians, youths must takeover – Pat Utomi’s group, NCF

It, therefore, urged youths to rise up and take back the country from the current leaders who have mortgaged their future.

NCF youths were reacting to the loans collected from the Nigerian government recently.

A statement by the Head of the youths Relations Bureau, Mr Jude Feranmi expressed worry that the incurred by alleged move to borrow another set of loans.

The statement reads partly: “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.

“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”.

Lately, there has been some controversy over loans Nigerian government borrowed from China for construction of railway lines across the country.

This had led to a probe by the National Assembly.

However, the Minister of Transportation, Rotimi Amaechi had warned that the probe could prevent Nigeria from accessing a fresh $5.3 billion loan from China.