<\/p>\n\n\n\n
Shehu\nSani, ex-chairman of the committee on local and foreign debts in the previous\nsenate, has defended the lawmakers\u2019 decision to reject a $29.96 billion loan\nrequest from President Muhammadu Buhari.
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\nIn a statement on Friday, Sani said the senate at the time rejected the request\nto save Nigeria from being \u201drecolonized by creditor banks\u201d.
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\nThe president first forwarded the request captured in the federal government\u2019s\n2016-2018 external borrowing plan to the upper legislative chamber in 2016.
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\nAfter failing to secure their approval, he sent it to the ninth assembly on\nThursday, asking the lawmakers to approve the loan which he said is \u201ccritical\nto the delivery of the government\u2019s policies and programmes\u201d.
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\nBut Sani said the country\u2019s external debt would have hit $52 billion if the\nsenate had approved the loan request.
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\n\u201cWe turned down the FG loan request for $30 Billion to save Nigeria from\nsinking into the dark gully of a perpetual debt trap,\u201d he said.
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\n\u201cWe don\u2019t want our country to be recolonized by creditor banks.\u201d
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\nSani, who represented Kaduna central at the senate, said the country\u2019s external\ndebt stands at $22.08 billion as of June this year \u2014 from $10.32 billion in\n2015.
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\nHe warned that borrowing further will jeopardize Nigeria\u2019s future.
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\n\u201cWith the current escalation of borrowing, we will be walking into debt slavery\nand move from landlords to tenants in our country,\u201d he said.
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\n\u201cThey will always tell you that even America is borrowing and I don\u2019t know how\nrational is it to keep on borrowing because Another country is borrowing.
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\n\u201cIf we keep listening to Bankers and contractors we will keep borrowing and\nburying ourselves and leave behind for our children a legacy of debt burden.
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\n\u201cLoans are not charities. Most of those encouraging more borrowing are\nparasitic consultants, commission agents, rents seeking fronts and contractors.\nWe must be cautious.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Shehu Sani, ex-chairman of the committee on local and foreign debts in the previous senate, has defended the lawmakers\u2019 decision to reject a $29.96 billion loan request from President Muhammadu Buhari. In a statement on Friday, Sani said the senate at the time rejected the request to save Nigeria from being \u201drecolonized by creditor banks\u201d. […]<\/p>\n","protected":false},"author":2,"featured_media":2559,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[14,10],"tags":[],"yoast_head":"\n