Buhari's debt: We'll soon become tenants in Nigeria, recolonisation loading - Shehu Sani

By Editor on 30/11/2019

Share on facebook Yahoo mail icon Gmail icon

Views: 152

Shehu Sani

Senator Shehu Sani, on Friday said that the Eighth National Assembly rejected the $30 billion loan requested by President Muhammadu Buhari under the external borrowing plan because it did not want the country to sink into a “perpetual debt trap.”

Sani, the Director, African Centre for Peace and Development,  who was the Chairman, Senate Committee on Local and Foreign Debt in the 8th Senate, warned that with the current upswing in borrowings, Nigerians will one day wake up to find that they are now tenants in their own houses.

Sani, who failed to return to the Senate where he represented Kaduna Central, in a statement made available to newsmen in Abuja, said the National Assembly did not want the country to be recolonised by creditor banks.

His words: “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.”



Source Whirlwindnews.com

Posted on November, 30 2019

Yahoo mail icon Gmail icon

You may also like...
TRAGEDY: After stabbing girlfriend, angry man attacks church,...

Rivers poll: Police parade killers of DSP, *Hoodlums...

‘Obscene’ nude painting sells for N56.7billion *Nets N40.055billion...

Operatives shoot, kill IPOB members while rallying in...

CBN: We’re responsible for the new fortunes of...

AFCON Qualifier: Chad arive in tarters ahead Eagles...

TRAGEDY: Nigerian musician plunges to death from four-storey...

Stakeholders bar Okorocha from APGA return *Say Imo...

Nigerians must not be quiet — Obi •Says...
Latest News Obaseki chases away Oshiohmole, supporters to Ize-Iyamu’s house for Edo APC ‘mega rally’ Don’t die along dead marriages, divorce can be a huge blessing – Daddy Freeze NBA star, self-confessed sex addict finally finds cure *No more sex until wedding day Three years after invading his house, DSS clears Okoro, S'Court judge of corruption Death hits Nigerian entertainment again, snatches Ajibade Oyemade Teacher jailed 18 months for knocking off student's front teeth Aisha Buhari: No pillow in the Villa, 'other room is empty' Visa-free offer, Buhari’s strategy to finally make Nigeria Fulani homeland – Fani-Kayode Man 26, denied option of fine, to spend two months in jail for beating up own mother Disaster averted, as security operatives prevent 'area boys' from fallen petrol tanker in Lagos


Most Read BREAKING: Atiku defects to APGA *Picks ticket for 2019 presidency *Runs with Soludo (58,297 views) BREAKING: Ronaldo, Messi, Neymar clinch final Ballon d'Or shortlist, Suarez snubbed (38,429 views) You must release Kanu, give us justice or we keep bombing – Gen. Ben (26,597 views) Seven 'killer' SARS officers arrested in Anambra for murder (24,128 views) I must redeem Ndigbo or die trying – Nwodo *We're quite uncomfortable in Nigeria (22,520 views) BREAKING: Upset, as Ugwuanyi appoints Queen of 419 into cabinet (15,771 views) Biafra: I’ll lead negotiation with agitators – Okorie *Warns against force (15,560 views) Okorie to Buhari: Your gvt can’t be killing Ndigbo and offering B’Haram amnesty (15,376 views) BREAKING: Again DSS shuns court order, hedges on Kanu's release (14,075 views) Catholic bishops to Mbaka: Your prophesies could be brain wave (13,569 views)


News Appointments (275) Business (316) Crime (1116) Economy (556) Education (232) Entertainment (265) Fashion and Style (79) General (508) Health (467) Inside Africa (432) Interviews (22) National (1398) Politics (3196) Press Releases (3) Religion (225) Security (1535) Sports (2348) Technology (28) World News (593)


CBN banner advert

Chelsea Outdoor

Veleta banner

FRSC Officials vs Woman Driver on highway



Newsletters Subscribe to Whirl Wind News newsletters today and get breaking news and updates delivered to your mailbox!

Sign up