By Chinenye Festus:-
Former Vice president of Nigeria Atiku Abubakar has called on lawmakers to reject fresh loan request by President Muhammadu Buhari led – administration because some of these loans are not income – generating neither are they production-based.
He said Nigeria cannot cannot continue to borrow money for nothing, especially projects that are not worked on and implemented. He therefore asks the lawmakers to turn down any loan that is not economically feasible.
Abubakar made this call in a letter directed to the President of the Senate, Mr Ahmed Lawan.
“On May 29, 2015, Nigeria’s total national debt stood approximately at N12 trillion. As of August 2020, our national debt has tripled to N28.63 trillion. Even more alarming is the fact that the foreign debt portion of our national debt has risen from less than $10 billion on May 29, 2015, to almost $30 billion in August 2020.
“A further cause for concern is the fact that not all of these debts are necessary. A study of the use to which these monies have been put to will show that much of it has gone towards items or projects that are non-productive or viable.
“As such, in view of your role as a check on the excesses of other arms of government, may I suggest that going forward, the National Assembly should refuse to approve any new loan requests, where such loans are to be spent on projects or items that are not income-generating or production-based, or indeed viable,” the letter read in parts.
The former vice president said that it is very disheartening that the future of Nigeria’s youth and unborn generations has been “placed in what could very well be bondage-like conditions.”
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