Pyrates Confraternity Warn Against Nigeria’s Rising Debt

The National Association of Seadogs (Pyrates Confraternity) warns that the rate of borrowing by the government of President Bola Tinubu is causing a negative surge in the country’s national debt.

The NAS Cap’n, Dr Joseph Oteri, made this known in a statement released on Sunday.

According to them, the persistent borrowing is only causing the economy to weaken and poverty levels to rise.

Recently, President Bola Tinubu requested a $2.209bn external loan to partially finance the 2024 budget deficit of N9.179 trillion.

The request was approved by the National Assembly.

In Tinubu’s defence, he claimed that the loan request will help his government implement projects and programmes outlined in the 2024 Appropriation Act, which he says will boost the economy.

The Seadogs say that the country relies too heavily on crude exports.

“The president’s earlier promise to reduce the cost of governance has not only been abandoned but has worsened significantly, painting a grim picture of politicians thriving on the misfortunes of ordinary citizens.

“We reject the federal government’s failure to drastically cut the cost of governance.

“We call on the people’s representatives to lead by example—taking pay cuts, reducing travel expenses, and driving down the cost of governance.

“Efforts should be directed at increasing the productivity of the average Nigerian, not on how the government can indulge in excess,” the statement read.