President Bola Tinubu has been asked to provide a comprehensive and truthful account of the status of the Ways and Means debt.
The Peoples Redemption Party (PRP) made the demand in a statement signed by its acting spokesperson Muhammed Ishaq and released on Monday.
According to the party, Nigerians deserve to know the true spending and management of the nation’s finances, particularly when it comes to debts that could potentially strangle our economy and limit future growth opportunities.
Apparently referring to Tinubu in his Independence Day speech, wherein he said his administration has “cleared” the 30 trillion Naira accumulated Ways and Means debt, the party noted that “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.”
Part of the statement reads: “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.
“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 the government did in essence was to issue local currency denominated Promissory Notes, sold the 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.
The PRP said the FG should make public who carried out the transactions, who were the parties to the transaction, how much fee they paid and how they were 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,” the statement said