The Diocesan Bishop of Ijebu South-West Church of Nigeria (Anglican Communion), The Right Reverend (Dr) Babatunde Ogunbanwo, has lamented the current trend of external borrowing to finance the nation’s budget.
Ogunbanwo said this in his presidential charge at the opening of the Third Session of the Fourth Synod of the Diocese, held at St. Barnabas Anglican Church, Okun-Owa, Ijebu in Odogbolu Local Government Area of the Ogun State.
The Bishop noted that about 95 per cent of revenue generated is being used to service debt, urging the government to listen to Monetary Policy Committee’s advice to seek alternative means.
“The current trend of increased borrowing from other countries and international bodies to fund our national budget is becoming worrisome. The country’s rising public debt profile remains of great concern as about 95 per cent of revenue goes to debt servicing.
“This is unsustainable. In addition, it greatly limits expenditures for other critical sectors of the economy, thus hampering growth and development,” he added.
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The cleric also said Nigeria needs a “new civilian constitution” for her to witness real development in all sectors, submitting that such would address the fundamental issues necessary for growing, a united and prosperous nation.
He noted that the amendment of the 1999 Constitution being undertaken by the National Assembly may not yield the desired result, insisting that only a new civilian constitution made by the sovereign representation of the ethnic nationalities of the country would ensure the survival of the nation.
Speaking further at the Synod with the theme: ‘Lift Up Your Eyes’, the cleric posited that “the issue of justice, equity and equality of the citizens in a free and democratic society remains an issue that must be openly and frankly discussed, legislated and implemented for the survival of the country, hence, Nigeria needs a new civilian and democratic constitution.
He equally faulted the proposed population census in 2023 with questions as “why census in the election year? Who are you going to count? When almost everyone is displaced!”
Bishop Ogunbanwo commended the Ogun State Governor, Prince Dapo Abiodun, for embarking on people’s oriented projects, while urging him to consider reconstruction work on Ijebu Ode -Omu, Odogbolu-Eyinwa, Ijebu Ode -Okun Owa, among others.
According to the cleric, “if these link roads are properly rehabilitated and reconstructed, they will reduce congestion and traffic on the main Sagamu-Ijebu Ode-Benin expressway.”
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