APC Founding Member Urges President Tinubu to Investigate Nigeria’s Debt Transactions
Osita Okechukwu, a founding member of the All Progressives Congress (APC), has proposed fiscal restructuring as a solution to Nigeria’s escalating debt crisis. In a statement issued on Sunday in Abuja regarding the 2025 federal budget, Okechukwu urged President Bola Tinubu to establish a high-level multilateral panel to investigate the country’s debt transactions, with a particular focus on uncovering any lack of transparency.
Okechukwu, who previously served as the Director General of the Voice of Nigeria (VON), expressed his continued support for President Tinubu’s bold economic and financial reforms. However, he cautioned that excessive taxation and high tariffs could exacerbate the nation’s financial difficulties. Instead, he recommended a comprehensive review of both Nigeria’s domestic and foreign debts to prevent further strain on the economy.
He stressed that the increasing national debt is becoming a threat to Nigeria’s democratic stability, as essential funds for critical sectors like health, education, and poverty alleviation are being diverted to service debt. Okechukwu highlighted that the combined budget for key sectors in the 2025 appropriation bill—N4.91 trillion for Defence, N4.06 trillion for Infrastructure, N3.52 trillion for Education, and N2.48 trillion for Health—totals N14.97 trillion. This amount is significantly less than the N15.8 trillion allocated for debt servicing.
Drawing on historical context, Okechukwu recalled a similar investigation into the fuel subsidy in 2005, which revealed a lack of transparency. He suggested that President Tinubu revisit this investigation and other files related to bad loans, with the aim of recovering lost funds and redirecting them toward fostering a productive economy.
In conclusion, Okechukwu emphasized the urgency of addressing Nigeria’s debt burden, calling for decisive action to ensure that the country remains on track to fulfill the promises of President Tinubu’s Renewed Hope Agenda.
