Why We Rejected Buhari’s $30bn Loan Request – Shehu Sani

Cat:

Related stories

Drama as 16, 17-year-olds Now Allowed to Vote In UK Elections

By Abiola Olawale  The government of the United Kingdom announced...

Brazil’s Petrobras Weighs Return to Retail Fuel Market to Reduce Prices

Brazil’s Petrobras will discuss this week tweaking its mid-to-long-term...

Base Handover: France Ends Decades-Long Military Presence in Senegal

By Abiola Olawale France on Thursday officially ended its 65-year...

5 Oil Titans Who Revolutionized the Energy Sector

From pioneering technologies that shattered geological limits to building...

Shehu Sani, ex-chairman of the committee on local and foreign debts in the previous senate, has defended the lawmakers’ 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 ”recolonised by creditor banks”.

The president first forwarded the request captured in the federal government’s 2016-2018 external borrowing plan to the upper legislative chamber in 2016.

After failing to secure their approval, he sent it to the ninth assembly on Thursday, asking the lawmakers to approve the loan which he said is “critical to the delivery of the government’s policies and programmes”.

But Sani said the country’s external debt would have hit $52 billion if the senate had approved the loan request.

“We turned down the FG loan request for $30 Billion to save Nigeria from sinking into the dark gully of a perpetual debt trap,” he said.

“We don’t want our country to be recolonized by creditor banks.”

Sani, who represented Kaduna central at the senate, said the country’s external debt stands at $22.08 billion as of June this year — from $10.32 billion in 2015.

He warned that borrowing further will jeopardise Nigeria’s future.

“With the current escalation of borrowing, we will be walking into debt slavery and move from landlords to tenants in our country,” he said.

“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, rents seeking fronts and contractors. We must be cautious.”

Hamilton Nwosa
Hamilton Nwosa
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
Drama as 16, 17-year-olds Now Allowed to Vote In UK ElectionsSenate passes $9 billion in spending cuts to public broadcasting, foreign aid requested by TrumpBrazil’s Petrobras Weighs Return to Retail Fuel Market to Reduce PricesBase Handover: France Ends Decades-Long Military Presence in Senegal5 Oil Titans Who Revolutionized the Energy Sector2027: Dele Momodu dumps PDP for Coalition party, ADCBuhari's Honour: Tinubu holds special FEC session as Nigerians Mourn late Hero, Statesman. First Bank Crisis: In High-Stake Intrigues, Otedola Seizes Control with 40% Stake as Oba Otudeko Exits in N324.47bn DealElderstatesman, Emeka Anyaoku, Speaks Again , Urges Nigeria to Adopt a "People’s Democratic Constitution""Nigeria's challenges not about the constitution, but its operators", says ObasanjoNigeria Surpasses OPEC’s 1.5 Million Barrel Oil Quota in June 2025Natasha vs Akpabio: Senate President Heads to Court, Challenges Court Order to Reinstate SenatorOluwo Commends Awujale's Burial, Says Late Monarchs Shouldn't Be "Butchered Like Animals"Alleged N6.9Billion Fraud: Drama as Ex-Governor Fayose Wins in CourtOgun PDP Knocks Dapo Abiodun, Backs Striking Workers: "Strike Action is lawful, a response to Abuse"
X whatsapp