The Peoples Redemption Party (PRP) on Monday asked President Bola Tinubu to tell Nigerians how his administration cleared over N30 trillion Ways and Means debt as he claimed in his Independence Day speech.
The party in a statement issued by its Acting National Publicity Secretary, Muhammed Ishaq, said the president’s claim was misleading as he did not give details on how the debts were cleared.
PRP also challenged President Tinubu to “provide a comprehensive and truthful account of the status of the Ways and Means debt.”
The statement read: “The Peoples Redemption Party (PRP) wishes to address a recent statement made by President Bola Ahmed Tinubu in his Independence Day speech, wherein he claimed that his administration has ‘cleared’ the N30 trillion accumulated Ways and Means debt.
“The assertion that the government has cleared the Ways and Means debt is misleading and raises serious questions about the accuracy of the information being provided to Nigerian citizens.
“If any, what we hear from certain relevant government agencies is that the debt is increasing, hence the bill sent to the National Assembly to increase the maximum threshold of FGN Debts from the Central Bank of Nigeria (CBN).
“Indeed, reports indicate that instead of an outright clearance, this debt has simply been securitized What a deceit? What the government did in essence was to issue local currency-denominated Promissory Notes, sell same to investors, and use the proceeds from the sale to pay the debts owed to the CBN in the Ways and Means financing debacle which practically means that the nation is still owing till date.
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“Furthermore and unfortunately, the Nation has not been provided with the details of these Notes: the tenure, rate, and investors, as well as the potential impact of the Notes on our economy. To say the least, the Notes issuance has been shrouded in secrecy and mystery.
“We wish to demand answers to the following questions: Who were the parties to the transaction? How much fee were they paid? How were they appointed?
“These and several other questions begged for explanations and the failure to give these explanations on the process of the Notes Issuance raises serious questions about the accountability and transparency of financial commitments made by the government.
“Nigerians demand explanations. The National Assembly should raise its responsibility by investigating the debt swap issues.
“The PRP calls on President Tinubu to provide a comprehensive and truthful account of the status of the Ways and Means debt. As citizens, we deserve clarity on the spending and management of our nation’s finances, particularly when it comes to debts that could potentially strangle our economy and limit future growth opportunities.
“In this era of democratic governance, it is crucial for those in positions of power to communicate honestly with the populace. We urge the government to cease the use of misleading terminologies that distort the truth and serve only to mislead our citizens. In doing so, the government can restore trust among the populace and demonstrate a commitment to responsible governance.
“We believe in a transparent governance framework and hold the view that the citizens of Nigeria should be informed of the reality regarding our national debt. Transparency is essential for effective governance and the successful management of our national resources.”
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