The Trade Union Congress (TUC) Tuesday raised the alarm over the increasing debt profile in Nigeria.
The president of TUC, Comrade Festus Osifo, who spoke at the end of the Congress National Executive Council (NEC) meeting said it was unacceptable for government to keep borrowing and mortgaging the future of Nigerians.
He said the amount of money which would be used to servicing the debt is almost catching up with national revenue.
Comrafe Osifo further appeal to governments at all levels to reduce the cost of running government, adding that it was wrong for government officials to be living in affluence while asking Nigerians to tighten up their belt.
“The budget that was just submitted by Mr President to the National Assembly, we have constantly stated that we are worried by our debt profile because it is continually increasing and this has put a huge burden on us.
“And this year, it is also a deficit budget, while the level of borrowing is growing on a daily basis and the amount in which we need to servicing this debt is also growing on a daily basis in such a way that the amount is catching up with our national revenue.
“While we are always told that debt to GDP ratio is quite accommodating , the debt to revenue is worrisome and we want government to look into it as fast as possible.”
