Catholic Bishops warn against Nigeria's growing debt burden, hardship

The Catholic Bishops’ Conference of Nigeria (CBCN) on Sunday expressed grave concern over the nation’s growing debt burden.

Describing the state of the nation as worrisome, President of the Catholic Body, the Archbishop of Owerri and President of the Catholic Bishops’ Conference of Nigeria, Most Rev. Lucius Iwejuru Ugorji, stated this in his welcome address at the opening session of the 2024 second Plenary Assembly of the CBCN, held in Auchi, Etsako West Local Government Council of Edo State.

He said that Nigeria is presently sitting on a ticking time bomb, as he lamented the impoverished state of Nigerians.

The Catholic body of bishops warned that the Nigerian rulers should be ready to contend with more protests by the youths as long as the issues of poverty, hardship, and corruption continue to plague Nigerian youths.

They further noted that servicing huge debts to international monetary agencies and sourcing for funds internally to balance the budget deficit led to the economic reforms of Mr. President, consisting mainly of the withdrawal of fuel subsidies and the floating of the naira.

Ugorji, while declaring the Conference open, said the future of the nation depends on how the challenges bedevilling it are tackled by the rulers.

Commenting on the state of the nation, the cleric said: “On August 4th, 2024, Senator Bola Ahmed Tinubu, President of the Federal Republic of Nigeria, enumerated the achievements of his administration.

“While we recognise that notable progress has been made in some sectors of our national life, we cannot fail to admit that the present state of the nation is worrisome, even though insecurity remains one of our major challenges.

“As our national economy continues to decline and reduces millions to a life of multidimensional poverty and untold hardship, the Nigerian youths embarked on a nationwide protest tagged #EndBadGovernance from August 1 to 10, 2024.

“The protest was aimed at publicly voicing their disappointment and frustration with the ills bedevilling the nation. Although Nigerians have the constitutional right to express their grievances through peaceful protests, there was widespread concern that the protest could be hijacked by miscreants.

“Likewise, we condemn in strong terms the killing of some protesting youths by security operatives. We pray for the happy repose of the dead, the speedy recovery of the injured, and the consolation of the bereaved.

“We wish to stress that as long as the nation is afflicted with poverty, hardship, and corruption, and as long as the future of youths in our nation remains bleak, we will continue to reckon with youth protests.

“We are indeed sitting on a ticking time bomb as security operatives try to crack down on some of those involved and their sponsors on perceived trumped-up charges, raising concern whether they are trying to strip citizens of their democratic rights and freedoms to protest or give the impression that everything in the country is fine and there is really no need for the protest. This is delusional and condemnable.”

Commenting on the increasing debt burden, Ugorji noted that “millions of vulnerable Nigerians are now trapped in living conditions that are an affront to human dignity.

“Indeed, for the present and future generations of our people, the debt burden has turned out to be a new form of enslavement, causing pain, despair, and death.”