Alarming National Debt: A Ticking Time Bomb

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President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Comrade Festus OSIFO, raised concerns about Nigeria’s growing national debt during the National Executive Council (NEC) Meeting at the Chelsea Hotel in Abuja on Wednesday. He expressed his worries that the increased debt profile is approaching over 107 trillion naira, with no corresponding evidence of proper use of the loans, this Engr. Osifo said is a show of purposeless borrowings and a speedy destruction of our tomorrow and should be stopped. Borrowings are supposed to be tied to projects that will generate funds for the liquidation of such loans or stimulate other economic activities that will lead to an improvement in the GDP of our country, he added. He highlighted the need for responsible borrowing at both federal and state levels and emphasized the importance of investing loans wisely to benefit the economy.

Osifo also praised PENGASSAN members for their support and announced successful negotiations for increased pay packages across various branches. He emphasized the importance of continuous training for members to navigate labor relations effectively.

The president expressed satisfaction with the conclusion of negotiations for secretariat staff, ensuring competitive pay. He also discussed staff reorganization efforts to align with the association’s evolving needs.

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In addressing industrial concerns, Osifo highlighted challenges in the oil and gas sector, including infrastructure deficiencies and security threats. He called for comprehensive approaches to improve the sector, including promoting local content development.

Osifo also touched on the state of the nation, discussing issues like the cost of living, institutional corruption, and the clamor for state police. He emphasized the need for targeted subsidies and effective measures to combat corruption.

The president condemned the surge in child kidnappings, calling for immediate action to address the crisis. He emphasized the importance of community unity and vigilance in protecting against such crimes.

In conclusion, Osifo urged colleagues to work together to improve pay, protect jobs, and create a safer industrial environment. He welcomed new NEC members and wished them a successful meeting.

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THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN

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About Francis Xavier 115 Articles
a political analyst and 9News Nigeria Abuja correspondent.