Excessive borrowing will plunge Nigeria into slavery ― COSEYL

The Coalition of South East Youth Leaders (COSEYL), the apex socio-political youth group in the South East geopolitical zone has raised an alarm over plans by President Muhammadu Buhari to borrow another N11 trillion to finance the 2023 budget.

In a statement issued Wednesday in Owerri by the President General of COSEYL, Hon. Goodluck Egwu Ibem described it as a gross insensitivity and a clear statement that Buhari came to destroy Nigeria.

While lamenting that such borrowing without paying back may plunge the country into slavery, the group leader regretted that it is truly worrisome that a man who knows within himself that he lacks what it takes to lead a country as big as Nigeria will not accept the truth and resign his position but will sit tight and be borrowing on daily basis to the detriment of the country.

He said: “This excessive borrowing by Buhari confirms that he came to destroy our nation and what our forefathers fought so hard to achieve”.

“Over two centuries after Wilberforce joined forces with Thomas Clarkson, Granile Harp, Charles Middleton and Hannah More to end slavery, Buhari is plotting to resume the illegal and inhuman trade through excessive borrowings”.

The group pointed out that excessive borrowings by Buhari’s administration knowing fully well the implications if not repaired will put Nigerians into slavery, is a confirmation that Buhari is happy with the slavery that is going on in his backyard Katsina State where terrorists use men as slaves on their farmlands, rape women and daughters who are mostly children between the ages of 8 – 14 years of age.

“We have pretended enough, and for too long. It is time for us to wake up and smell the coffee. We are in a bad shape as a country”.

According to him, Nigeria is in a deep mess pointing out that people should no longer be extenuating about the hopelessness of our situation brought upon people by President Buhari.

“The National Nigerian Petroleum Corporation, NNPC, which is controlling and managing the major source of Nigeria’s revenue which is oil, has been living up to expectation under successive administrations in past by remitting monies generated from the sale of oil to the federation account but under President Buhari, no money is coming into the federation account from the NNPC”.

The President General disclosed according to the Organization of the Petroleum Exporting Countries, OPEC, that Nigeria sold oil worth $206 billion US dollars from 2015 to 2019 adding that after making such huge sales from oil alone, why the excessive borrowing on daily basis by President Buhari to do virtually everything in government?.

“Without the help of a soothsayer, we can now confirm that it is obvious and clear that the monies generated from oil and monies borrowed on daily basis by Buhari are all looted by his administration.”.

The group called for the resignation of the Group Managing Director, GMD of NNPC while her activities should be properly screened and investigated by an impartial independent audit.

He blamed the situation on the gross incompetence and corruption by the NNPC as one of the main reasons for the excessive borrowings.

COSEYL called on the senate not to approve another borrowing but rather institute an impartial Independent Audit and Recover Panel that will probe and investigate all the monies generated from NNPC, taxes and excise duties, contracts awarded, monies generated from Gold and other solid minerals, Abacha loots and other loots recovered by the government.


He insisted that Nigeria cannot be borrowing on daily basis without asking questions.

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