Former senator representing Kaduna Central, Shehu Sani has revealed why the 8th senate led by Bukola Saraki rejected President Buhari’s request for a $30 billion loan.
According to Shehu Sani who was the Chairman, Senate Committee on Local and Foreign Debt, the loan was turned down to prevent the country from sinking.
Shehu Sani in a statement 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 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 warned that With the current escalation of borrowing, “Nigeria will 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.”