Politics

Labour rebukes Federal Government over $3billion new World Bank loan

Minister of Finance, Zainab Ahmed

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.

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