$24bn loan: Monetise idle assets, prioritise IGR, Group tells FG
Agency report
The Unified Nigeria Youth Forum (UNYF) has urged the Federal Government to monetise idle assets belonging to the country, instead of requesting to borrow a staggering $24 billion.
According to available data, the proposed loan is to be sourced through a combination of foreign currencies: $21.54 billion, £2.2 billion pounds sterling, and ¥65 million Japanese yen, bringing the total to approximately $24 billion when converted.
In a statement issued to journalists in Abuja on Thursday, the National President of UNYF, Comrade Toriah Olajide Filani, cited several government properties, particularly in Abuja, Lagos, and other key cities, as examples of underutilised assets.
He included the Federal Secretariat Complex in Abuja and the uncompleted National Library project as assets could generate significant revenue if transparently leased or sold.
He expressed deep concern over the borrowing plan. He compared the loan amount to the estimated net worth of Africa’s richest man, Alhaji Aliko Dangote, which is believed to be between $24 billion and $25 billion.
Filani noted that the amount the Nigerian government is seeking to borrow in a single move is roughly equivalent to the entire wealth accumulated by Dangote over decades of hard work, strategic investment, and industrial expansion.
Filani called on the government to provide tracking identification numbers for all publicly funded projects to allow citizens to monitor implementation and spending phases, stressing that transparency is essential if the government expects public support for any future loans.
The group urged the government to prioritise internally generated revenue over foreign borrowing, stressing the importance of monetising idle public assets and optimising the use of the country’s arable land.
While publicly endorsing the Oronsaye Report, which recommends the streamlining of ministries, departments, and agencies, the government continues to pursue loans that could destabilise the economy.
The group also emphasised the urgent need for investment in agriculture. With over 30 million hectares of arable land across states like Niger, Taraba, Benue, Kaduna, and Nasarawa, Nigeria, Filani argued, has the potential to become a global leader in food production, job creation, and agricultural exports.
Neglect of vital agricultural infrastructure, including government-owned hatcheries, silos, irrigation systems, and agro-processing facilities, was blamed on poor policy implementation and a lack of political will.
Agency Report
The Unified Nigeria Youth Forum (UNYF) has urged the Federal Government to monetise idle assets belonging to the country, instead of requesting to borrow a staggering $24 billion.
According to available data, the proposed loan is to be sourced through a combination of foreign currencies: $21.54 billion, £2.2 billion pounds sterling, and ¥65 million Japanese yen, bringing the total to approximately $24 billion when converted.
In a statement issued to journalists in Abuja on Thursday, the National President of UNYF, Comrade Toriah Olajide Filani, cited several government properties, particularly in Abuja, Lagos, and other key cities, as examples of underutilised assets.
He included the Federal Secretariat Complex in Abuja and the uncompleted National Library project as assets could generate significant revenue if transparently leased or sold.
He expressed deep concern over the borrowing plan. He compared the loan amount to the estimated net worth of Africa’s richest man, Alhaji Aliko Dangote, which is believed to be between $24 billion and $25 billion.
Filani noted that the amount the Nigerian government is seeking to borrow in a single move is roughly equivalent to the entire wealth accumulated by Dangote over decades of hard work, strategic investment, and industrial expansion.
Filani called on the government to provide tracking identification numbers for all publicly funded projects to allow citizens to monitor implementation and spending phases, stressing that transparency is essential if the government expects public support for any future loans.
The group urged the government to prioritise internally generated revenue over foreign borrowing, stressing the importance of monetising idle public assets and optimising the use of the country’s arable land.
While publicly endorsing the Oronsaye Report, which recommends the streamlining of ministries, departments, and agencies, the government continues to pursue loans that could destabilise the economy.
The group also emphasised the urgent need for investment in agriculture. With over 30 million hectares of arable land across states like Niger, Taraba, Benue, Kaduna, and Nasarawa, Nigeria, Filani argued, has the potential to become a global leader in food production, job creation, and agricultural exports.
Neglect of vital agricultural infrastructure, including government-owned hatcheries, silos, irrigation systems, and agro-processing facilities, was blamed on poor policy implementation and a lack of political will.
