Why Saraki-Led Senate Rejected Buhari’s $30bn Loan Request - Shehu Sani
Senator Shehu Sani has revealed that the eight Senate led by Bukola Saraki rejected President Muhammadu Buhari’s $30 billion loan request because it did not want the country to sink into a “perpetual debt trap.”
YANS gathered that the former Kaduna lawmaker who was the Chairman, Senate Committee on Local and Foreign Debt in the 8th Senate said with the current borrowing, Nigeria may soon be recolonized by creditors.
He said: “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 recolonised 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.
“With the current escalation of borrowing, we will be walking into debt slavery and move from landlords to tenants in our country. 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. We must be cautious.”