Southern and Middle Belt Leaders Tell FG to Reconsider Loan Request for $800 Million

They urge the Federal Government to address the nation’s growing rate of inflation and enhance Nigerians’ quality of life.

The Federal Government has been urged by the Southern and Middle Belt Leaders Forum (SMBLF) to withdraw its proposal for a new $800 million loan from the World Bank.

In a letter to the Senate dated May 10, President Muhammadu Buhari requested authorization to accept the loan in order to mitigate the impact of the termination of subsidies.

However, in a statement released after their key meeting on Thursday, the leaders of the southern and middle belt regions voiced concern about the nation’s massive debt, particularly as President Buhari’s term comes to an end on May 29.

“SMBLF calls on the Federal Government to rescind that request,” the statement said. “SMBLF notes with serious concern, the continued snowballing level of indebtedness being incurred by the Federal Government, particularly the recent request for a $800 million World Bank loan.”

“Critiques the nation’s hyperinflation rate and growing cost of living, which keep the great majority of ordinary Nigerians in a precarious condition of existence. implores all levels of government to take immediate, useful action to restructure the economy, curb inflation, and enhance the prospects for residents.

The SMBLF encouraged the court to be transparent in deciding all petitions submitted to it. This was in reference to the post-election lawsuits before the Abuja tribunal.

It applauds Nigerian youngsters for voting in the national elections of 2023, praising their bravery and cunning.

The southern and middle belt leaders urged them not to give up despite some of the apparent results, stating that “the fight for the necessary change has just begun.”

The organization urged the judges to administer justice as tribunals continue their work across Nigeria.

“The ongoing judicial processes at the Presidential Election Petition Tribunal as well as various election tribunals across the country,” it said, “are being watched with very keen interest by Nigerians.”