Why we rejected FG’s $30bn loan request — Shehu Sani

Former chairman, Senate Committee on local and foreign debt in the Senate, Senator Shehu Sani has explained why the request by the Federal Government to borrow $30bn was turned down by the 8th Senate. 
President Muhammadu Buhari had, last Thursday, forwarded a request to the Senate to reconsider and approve the FG’s 2016 to 2018 external borrowing plan —the same thing he sent to the 8th Senate in 2016, requesting for about $30bn.
Sani, who warned in a statement that Nigeria’s external debt from 2015 to date is on the increase, said: “We turned down the FG loan request for 30bn 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 $10.32bn. It escalated to $22.08bn in the second quarter this year, which is 114 percent. If we had approved that loan request, our external debt would have catapulted to over $52bn, which is not sustainable”, he cautioned. 

Related posts

Leave a Reply