Transparency International, Nigeria has called on Federal lawmakers in the country to stop President Muhammadu Buhari from taking more loans from either the local or foreign market.
Speaking with Journalists at the National Assembly on Tuesday, the Executive Director of Transparency International, Nigeria, Auwal Rasfanjani said the call became necessary following what he described as huge waste of resources and alleged corruption in the system.
Auwal Rasfanjani said it is for the above reason ,the Transparency International is strongly against further borrowing by the Federal Government without sufficient explanation about the management and utilization of recovered funds.
He alleged that recovered loots and borrowed funds are either diverted or stolen.
You will recall that the Senate had in April approved an external loan of #5.5 billion for the implementation of priority projects while the House of Representatives approved another $22.7 billion which was initially rejected by the 8th Assembly.
According to Transparency International, corruption has become even more pervasive in Nigeria; pointing out that it doubts if anything was being done to stem the tide.
Relying on the audit reports of the oil and gas sector by NEITI, Rasfanjani revealed how the Nigeria National Petroleum Corporation NNPC and its subsidiary, NPDC failed to remit a whopping $21.778 and N316.074 billion to the Federal Account.
The Transparency International noted how MDAs of government have continued to receive allocations without audited accounts to show what they did with the money.
The group is appalled by revelations from National Assembly probe of the Niger-Delta Development Commission NDDC where a staggering N81 billion was allegedly misappropriated in 6 months with accusing fingers pointing in the direction of the supervising Minister and lawmakers.
Even worrisome is the fact that the Northeast Development Commission established to repair the ruins of insurgency in the troubled region is already emeshed in a probe for mismanaging N100billion, barely one year after it was set up, “without any significant impact on the suffering refugees across the Northeast.
Transparency International urged the National assembly to put the Executive arm of government on its toes via effective and efficient oversight function so as to reduce reckless spending and corruption.
Transparency International is even more disturbed that the man hired to help Nigeria fight against corruption is himself facing corruption allegations.
(Editing: Abaje Usekwe)
