Former Vice President Atiku Abubakar has called on the Federal Government to provide a full account of its revenues, subsidy savings and debt obligations before proceeding with a proposed financing arrangement in Vienna.
Atiku says the government’s continued borrowing is difficult to justify at a time when it reports increased revenues, savings from fuel subsidy removal and improved earnings from higher crude oil prices.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku also raised concerns over the financial pressure facing Nigerian manufacturers, particularly rising energy costs.
He says manufacturers are spending a significant portion of their operating costs on alternative energy, making it increasingly difficult for businesses to remain competitive, create jobs and keep prices affordable.
Atiku also questioned the structure of the proposed Vienna-listed bond arrangement involving ESME Limited, saying Nigerians have not been given sufficient information about the amount to be raised, borrowing costs, repayment terms or the Federal Government’s financial exposure.
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He further expressed concern over rising domestic borrowing, arguing that increased government demand for capital could make access to affordable credit more difficult for manufacturers, farmers and small businesses.
The former Vice President is therefore asking the Federal Government to publish details of the Vienna transaction and provide a comprehensive account of revenues, expenditure, subsidy savings, oil receipts and existing debt obligations.
Atiku maintains that Nigerians deserve to know what has been earned, borrowed and spent, as well as any financial obligations being created on their behalf.
