TUC decries cost of governance, debt profile

The Trade Union Congress has decried the high cost of governance in the country.

The President of the union, Quadri Olaleye, in a statement on Wednesday also lamented the country’s debt profile.

Olaleye said, “We are glad we are a democratic country, although lives were lost to achieve it. Unfortunately the hard-earned democracy has been abused by strangers. By strangers, we mean people who did not play any significant role while the struggle lasted. In fact, the people we fought against seem to be still in charge.

“Our kind of democracy is the most expensive anywhere in the world. The cost of governance in Nigeria is highly unreasonable. Political office holders (in Nigeria) are one of the highest paid in the world. They borrow to massage the greed of a few in a country adjudged to be the poorest in the world.

“The TUC will continue to advocate good governance. Out of frustration Nigerians at every given opportunity vent their anger. The underlying factor for these reactions in most cases is hunger. How do you tell a people denied of the basics of life not to cry out? To silence the masses from crying some individuals are pushing fiercely to pass a Hate Speech Bill. The congress will never support that bill.”

The TUC also criticised the conduct of the 2019 elections by the Independent Electoral Commission, saying it was far from being free and fair.

The statement added, “The last election in Kogi is a typical example of how low our politicians can go. It is even most unfortunate that INEC and some security officials most times aid/sit and watch while all these anomalies take place. It is a national disgrace.”

It added, “The country’s debt profile is increasing at an alarming rate. International bodies, including the World Bank, have severally warned on the danger of our ceaseless borrowing. Besides the $29.96bn loan which has gained the approval of the National Assembly, reports have it that the country has so far allegedly borrowed $1bn from African Development Bank; $1bn Eurobond, with additional $500m expected from Global Medium Term Note Program. The N5.8bn borrowed from China Exim Bank is hanging on the country’s neck.”

Written by Olufemi Atoyebi, Abuja, published on Punch Newspapers