Onwuka Nzeshi 
…urges N’Assembly to probe debt swap
The People’s Redemption Party (PRP) has asked President Bola Tinubu to explain to how his administration cleared over N30 trillion Ways and Means debt as he claimed his government inherited.
In a statement by spokesman Muhammed Ishaq, the opposition party said Tinubu’s claim was “misleading”. In his Independence Day broadcast, the President said his administration had “cleared” the N30 trillion accumulated Ways and Means debt but gave no further information on the deal.
However, the PRP said: “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.
“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 a deceit? “What the government did in essence was to issue local currency-denominated Promissory Notes, sell 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.
“Furthermore and unfortunately, the nation has not been provided with the details of these Notes: the tenure, rate, and investors, as well as the potential impact of the Notes on our economy. “To say the least, the Notes issuance has been shrouded in secrecy and mystery.
“We wish to demand answers to the following questions: Who were the parties to the transaction? How much fee were they paid? How were they 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.”
