PDP Governors’ Forum Frowns At Nigeria’s Debt Profile

PDP Governors' Forum straightnews
PDP Governors' Forum

The PDP Governors’ Forum has frowned at the rising and uncontrollable debt profile of Nigeria with more than 80 per cent of normal Appropriation spent on debt servicing.

Rising from a two-day meeting in Uyo, Akwa Ibom capital, the governors in a communiqué said ‘’All the gains of the PDP Government under Chief Olusegun Obasanjo, GCFR, where Nigeria exited its foreign debt obligations have been destroyed.

”Borrowing for frivolous items such as funding the Nigerian Television Authority is scandalous. Money should only be borrowed for productive purposes as Nigeria’s current debt of over N36 Trillion Naira is becoming clearly unsustainable relative to our earnings and GDP. We should not saddle incoming generations with undue debt burden.

”The borrowing spree of the APC administration if unchecked, will certainly lead Nigeria into avoidable bankruptcy.’’

The meeting attended by 13 governors and a deputy governor called on the APC-led Federal government to think outside the box and find solutions to the challenges facing electricity supply in Nigeria as the current system is certainly not delivering power needed for Nigeria’s rapid industrialisation.

On the recurring question of insecurity of lives and property in Nigeria, the PDP Governors reiterated the need to decentralise the operations of the security apparatus of state even within the existing legal framework, to ensure the input of local operators in State and Local Governments in policing and security.

It lamented the fact that Mr President seem not to be aware that the coercive instruments of State security is firmly within his hands and not the Governors, considering his recent media interview on the subject.

The meeting reminded Mr. President that he has ultimate authority under the Constitution over security organisations, even though the States have a role to play. Cooperation and synergy between States and the Federal Government in security operations is critical in securing Nigeria.

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”In any case, even though, Police is on the Exclusive List, the States, as a practical matter spend huge sums of money to support the security agencies to carry out their duties. The need for an appropriate legal framework to involve the States in policing has become even more urgent by the day.

”To this end we reiterate our call for the National Assembly to expedite action in passing the Electoral Act and Constitution amendments to ensure restructuring and decentralisation of governmental powers and functions.