....says Govt. should explain how they utilised borrowed funds
By Omolara Akintoye
“As at 2006, Nigeria was owing $18BN which was forgiven us by the Paris club. In 2006, Nigeria had a clean slate but as at March this year, Nigeria is owing $108bn and as at last Wednesday, we are owing N87 Trillion”
These were the words of the Team Lead of Good Governance and the Focal Person, Caritas-Nigeria, Caritas Africa, Joe Nkamuke at a Roundtable Meeting titled “Transparency in the Utilisation of Externally Borrowed Funds in the Allocation of Special Drawing Rights : The Position of Faith-Based Organisation & Other Non-State Actors in Nigeria” organised by Caritas Africa in conjunction with Caritas Nigeria and Justice Development and Peace Commission, and held in Port Harcourt, Rivers State.
According to Nkamuke, Nigerians are worried about the rising poverty index among the citizens which they say the nation may not get out of soon despite increased borrowings by the government.
He emphasized the need to disclose how such large sum of money was used and also explain why the government is borrowing more money bilaterally instead multilaterally.
He queried: “How come that in 2006, we have zero debts as a member of Highly indebted country (HIPC) but few years later the country has a huge debts?
Nkamuke said, though it was not wrong for a country to ask for debt forgiveness stating that some African countries and the third world countries do request for debt forgiveness but he insisted that government should show proof of what they did with the money they borrowed before thinking of borrowing more money.
His words “People who are asking for forgiveness of debt must show reasons why they should be forgiven and have a place why they shouldn’t go back to how they got to that place in the first instance”. He said
Speaking further “the moment government begins to account for the funds they borrowed and monies stop disappearing mischievously, it will then be easier for people to live like human beings in the country, regretting that most Nigerians are hopeless and helpless
The Keynote speaker, Rev.Prof Peter Alawa, said debt relief for vulnerable African Countries is a call for a more equitable economic system that prioritises the dignity of each human person and the common good.
Prof. Alawa who represented the Catholic Arch. Bishop of Port Harcourt Diocese, Most Rev.Dr. Camillus Etokudoh, called on government to limit the amount of borrowing to maintain financial capacity.
“As Faith leaders, we must advocate for debt relief as an expression of our commitment to building a just and compassionate world. In doing so we uphold the core values of our faith and work towards a more inclusive and harmonious global community” said Etokudoh.
The gross corruption in the country according the President General, Rivers State Council for Islamic Affairs, Alhaji Nasir Uhor, has undermined justice and equity.
He described the call for debt accountability project as a move that will enthrone transparency and the betterment of everyone in the country.
Also speaking, the Rivers State Director of National Orientation Agency (NOA), Mr. Ayo Tamuno, said the accountability project was timely stressing that a lot companies were relocating out of Africa due to rising challenges occasioned by debts.
The meeting had Muslim and Christian clerics in attendance
