A founding member of the All Progressives Congress (APC), Osita Okechukwu, has suggested fiscal restructuring as a way of tackling debt burden of the country.
Okechukwu urged President Bola Tinubu to establish a high-level multilateral panel to investigate Nigeria’s debt transactions and identify those that lack transparency.
In a statement issued in Abuja on Sunday on the 2025 federal budget, he advised President Tinubu to rescue the nation from a potential debt trap and deliver on his Renewed Hope Agenda.
The former Director General of the Voice of Nigeria (VON) restated his support for the decision of President Tinubu to make bold economic and financial decisions, he cautioned against excessive taxation or high tariffs.
He called for a thorough review of the country’s domestic and foreign debts to prevent further financial strain, warning that the increasing debt constitute a threat to democracy as funds needed for critical sectors such as health, education, and poverty alleviation programmes will go into debt servicing.
He noted that the budget for Defence (N4.91tr); Infrastructure (N4.06tr); Education (N3.52tr) and Health (N2.48tr) altogether totalling N14.97tr, in the 2025 appropriation bill is far less than N15.8 trillion budgeted for debt service.
Okechukwu recalled how similar body was set a former Minister of Finance in 2005 discovered that the fuel subsidy lacked transparency.
“Accordingly, Mr President should dust up Iweala’s file and other bad loan files with the intention to recover monies and return Nigeria to productive economy.” Okechukwu said.
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