Babalola Seeks Special Debt Liquidating Funds to Offset Nigeria’s 41.60tr Debt

Founder of Afe Babalola University in Ado-Ekiti (ABUAD), Chief Afe Babalola (SAN), has raised concerns over the country’s rising debt profile totalling about N41.60 trillion.

Babalola said the increasing debt profile poses threats to the nation’s economic growth and development.

The legal luminary noted that it would deepen poverty, infrastructural deficit, inflation rate, among others, which have dragged the nation down for decades.

Babalola spoke yesterday in Ado-Ekiti, the Ekiti State capital, in his remarks at a lecture delivered by a frontline lawyer, Chief Mike Ozekhome (SAN), titled: The Place of Education In A Crisis-Ridden Nigeria, as part of activities marking ABUAD’s 10th convocation ceremonies.

The legal luminary suggested that the 21 richest Nigerians on Forbes 2022 list should pay a minimum of $500 million while private jet owners, proprietors of private universities, private church owners, oil well owners, politicians and successful individuals should contribute to defray the debts.

He said: “If the most resourceful and diligent angel descends from heaven to Nigeria today to rule Nigeria, unless we change the constitution and pay out debts, he cannot succeed in managing the country.

“Who says Nigeria cannot pay its debt? When Obasanjo took over in 1999, the first thing he did was to spend the first two years to go round the Paris Club and other creditor countries to beg for debt relief, and he succeeded.

“Today, I make bold to suggest that we should set up a committee to launch a Special Debt Liquidating Fund by all patriotic Nigerians.

“I honestly believe that if our President, Muhammadu Buhari, and his government can lend weight to this proposition, there is no doubt that Nigeria would be able to pay all or a reasonable part of the debts…”