The Nigeria Labour Congress has expressed sadness over the decision of the Federal Government to borrow $3billion from the World Bank.
According to the NLC in a statement by the president, Ayuba Wabba, rather than acquiring more loans, the government should have focused on recovering the alleged over $100billion siphoned by international oil companies from Nigeria.
Naija Buzz News had few days ago reported that Mr. Femi Falana, a human rights lawyer, asked the Senate of the Federal Republic of Nigeria to engage necessary anti-graft in the recovery of over $100million huge oil firms owed the country.
Wabba further urged FG to cut down expenses and compel the rich to pay more taxes.
“We call on the Federal Government not to rest on its laurels until it recovers every kobo owed us by the IOCs. Government officials behind this criminal neglect must be prosecuted to the fullest extent of the law. We call for a tax system that captures many businesses and rich people and compel them to pay more taxes in commensuration to their incomes,” he said at the opening of the congress 2019 national leadership retreat in Enugu.
There are complains and public outcry lately over the staggering rise of the country’s debt profile. According to the Debt Management Office, Nigeria’s total public debt is N25.7trillion as of June 2019.
However, the Minister of Finance, Budget and National Planning, Zainab Ahmed, noted that Nigeria does not have high debts, saying that the problem was just revenue generation.
David Chima is the Group Head (Editors) at Naija Buzz News. He is a very experienced Journalist. He studied Mass Communication at the Nuhu Bamalli Polytechnic Zaria, Kaduna State, before proceeding for Advanced Studies in Mass Communication (Journalism) at the Federal Polytechnic Bauchi, Bauchi State. He previously served as the Head Senior Reporters and Publishers at 1Push.Ng and eventually Naija Buzz News. Chima is a lover of football and a very strong supporter of Barcelona Football Club Spain.