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Nigeria’s Debt Burden “new form of enslavement”, Catholic Bishops Say, Advocate for “economic reform policies”

By Silas Isenjia

Abuja, 01 September, 2024 / 10:40 pm (ACI Africa).

Members of the Catholic Bishops’ Conference of Nigeria (CBCN) are concerned about the country’s growing debt and describe it as a burden that depicts a “new form of enslavement”. 

In a communiqué following their August 22-30 second Plenary Assembly held in Nigeria’s Catholic Diocese of Auchi, CBCN members advocate for reforms in the economic policies of the West African nation. 

“The debt burden has turned out to be a new form of enslavement of present and future generations,” they say referring to the strain that servicing the debt places on the country's economy.

While the current government's economic reforms, which included the withdrawal of fuel subsidies and the floating of the Naira, were necessitated by the need to balance budget deficits, the Catholic Church leaders note that these reforms have led to “galloping inflation” and have plunged many Nigerians into conditions of “cruel suffering and wretchedness.”

The debt burden has reduced most Nigerians to living conditions that “detract from human dignity”, CBCN members lament, adding that the country’s current socio-economic challenges cannot be resolved by economic reforms alone.

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“We must admit that the cost of running governments with many elected and appointed officials is stunning and unsustainable,” the Catholic Church leaders say.

They urge President Bola Ahmed Tinubu's administration to reconsider its economic reform policies, and call for a shift towards “people-oriented and progressive development.” 

In the statement that CBCN president, Archbishop Lucius Iwejuru Ugorji and Secretary, Bishop Donatus A. Ogun, signed, the Catholic Bishops express concern about multiple taxation, which they describe as a “severe burden" on businesses and individuals.

Nigeria’s “erratic power” supply, high costs of petroleum products, and rising inflation, have led to the closure of many businesses, Catholic Bishops in Africa’s most populous nation lament. 

The continuous weakening of the Naira and scarcity of foreign exchange, they go on to say, have combined to make it difficult for businesses to survive in Nigeria, they further lament.

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CBCN appeal to various State governments to “take urgent measures to harmonize taxes and address multiple taxation”. Such a step, they say, can prevent further business closures and reduce unemployment.

In harmonizing taxes and creating a more conducive environment for businesses, the Catholic Bishops believe that Nigeria can encourage both local and foreign investment, a move that can result in economic recovery and growth.

In their statement, the Catholic Bishops also weigh in on the August 1-10 street protests that they say were a response to the worsening economic situation in the country.

They acknowledge the constitutional right of Nigerians to express their grievances through peaceful protests and note that the recent demonstrations were a manifestation of the deep distress and frustration that millions of Nigerians face. 

The demonstrations began peacefully before escalating into violence, resulting in arson, looting, and the destruction of property worth billions of Naira, CBCN members recall, adding, "We pray for the happy repose of those who lost their lives, the speedy recovery of the injured, and the consolation of the bereaved."

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“As long as the nation is afflicted with poverty, hardship, and corruption, and as long as the future of people remains bleak, we must continue to reckon with protests,” they say, and call upon the Federal and State governments to address the underlying issues behind the protests.

Silas Isenjia

Silas Mwale Isenjia is a Kenyan journalist with a great zeal and interest for Catholic Church related communication. He holds a Bachelor’s Degree in Linguistics, Media and Communication from Moi University in Kenya. Silas has vast experience in the Media production industry. He currently works as a Journalist for ACI Africa.