The Federal Government’s attempt to securitise the Ways and Means Advances is a continued breach of the Central Bank Act of 2007, according to some lawmakers, lawyers and economists.
“We now hear where the servicing of debt is not only at 30 per cent, but it is far more than that; it now means that you have deliberately sold and mortgaged the entire Nigeria into servitude and slavery, and that you sold the sovereignty of the country, including the people in it, their property and whatever they have, which you have a contract to protect.
“So, it is not designed to rise to the level, to which it has risen. To a large extent, I think it has been a gross violation of the CBN Act and a violation of the constitution itself. It is a violation of the constitution in the sense that the government has been spending so much of these borrowed funds from the CBN, which now rose to N22tn without any appropriation. So, to that extent, it is a very serious violation of the constitution.
“Already, the whole thing is within the purview of illegality, but rather than leaving it as money owed to the CBN and in order to properly recognise it as national debt and move it to the DMO, we need to convert it to bonds so that it will be duly recognised as sovereign debt. The only way to give some legality to it is to convert it to bond so that it can be duly recognised as a part of the national debt.
“I don’t think those who are running the economy know all these things. They just do what they like thinking that the easiest way out is to borrow money, which means printing more money; economists have warned about it, but it seems they are not listening.” Last December, Senator Apiafi was the first to oppose the move to securitise the advances alongside other members of the upper legislative chamber as the Senate leadership attempted to get the report of its Finance Committee, which recommended that the President’s request be granted.
Now, why did we accumulate that much? So for me, that is no longer Ways and Means; this is an unapproved expenditure.
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