The Southern and Middle Belt Leaders Forum (SMBLF) has advised the Federal Government to rescind its request for a fresh $800m loan from the World Bank.
The development followed President Muhammadu Buhari ‘s letter to the Senate on May 10 seeking approval to take the loan to cushion the effects of subsidy removal.
But leaders of the SMBLF in a communique issued after its crucial meeting on Thursday, expressed worry over the nation’s huge debt especially as the administration of President Buhari expires on May 29.
The group said that the level of indebtedness being incurred by the Federal Government was a serious concern even as it decried the standard of living marked by hyperinflation trends and urged the government to take urgent steps to turn the economy around.
“SMBLF notes with serious concern, the continued snowballing level of indebtedness being incurred by the Federal Government, particularly the recent request for $800 million World Bank loan, and calls on the Federal Government to rescind that request,”
The communique decries the rising cost of living in the country and the hyperinflation rate, confining a vast majority of ordinary Nigerians to a dire state of survival. Implores government at all levels to take urgent, practical steps to rejig the economy, check inflation and help improve citizens’ well-being and prospects.”
The SMBLF also urged the judiciary to be transparent in determining all petitions brought before it and commended the youths for their courage in the 2023 general elections.
It said, “ Nigerians are watching with very keen interest the ongoing judicial processes at the Presidential Election Petition Tribunal as well as various election tribunals across the country”.
