Former Kaduna Central Senator, Shehu Sani, has disclosed why the 8th Senate led by the former senate president, Bukola Saraki rejected President Muhammadu Buhari’s request for a $30 billion loan.
According to Sani, the President’s request was rejected to save Nigeria from sinking.
The former Chairman, Senate Committee on Local and Foreign Debt, stated this while reacting to the plan of the federal government to borrow the sum $30 billion loan.
Sani in a statement wrote, “We turned down the FG loan request for 30 Billion to save Nigeria from sinking into the dark gully of a perpetual debt trap. We don’t want our country to be recolonized by creditor banks.”
“Our external debt in 2015 was $10.32 Billion and it escalated to $22.08 in the second quarter this year, which is 114 per cent, if we had approved that loan request, our external debt could have catapulted to over $52 Billion and that is not sustainable.”
The former lawmaker stated that with the level of borrowing in the country, Nigeria is walking into debt slavery which will move it from landlords to tenants
“They will always tell you that even America is borrowing and I don’t know how rational is it to keep on borrowing because Another country is borrowing.”
“If we keep listening to Bankers and contractors we will keep borrowing and burying ourselves and leave behind for our children a legacy of debt burden.”
“Loans are not charities. Most of those encouraging more borrowing are parasitic consultants, Commission agents, rent-seeking fronts and contractors.”