Buhari<\/a>\u2019s request that the Senate reconsider approving the federal government\u2019s 2016 to 2018 external borrowing plan rejected by the 8th senate.<\/p>\nHowever, Sani in a statement said: \u201cWe 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\u2019t want our country to be recolonized by creditor banks.<\/p>\n
\u201cOur 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.\u201d<\/p>\n
The former lawmaker warned that With the current escalation of borrowing, \u201cNigeria will walking into debt Slavery and move from landlords to tenants in our country.<\/p>\n
\u201cThey will always tell you that even America is borrowing and I don\u2019t know how rational is it to keep on borrowing because Another country is borrowing.<\/p>\n
\u201cIf 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.<\/p>\n
\u201cLoans are not charities. Most of those encouraging more borrowing are parasitic consultants, Commission agents, rent-seeking fronts and contractors.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Shehu Sani, former Kaduna Central Senator, has explained why the 8th senate under Senate President Bukola Saraki turned down President Muhammadu Buhari\u2019s request to borrow $30 billion loan. Sani, who was the former Chairman, Senate Committee on Local and Foreign Debt, explained that the request was turned down to save Nigeria from sinking. He made […]<\/p>\n","protected":false},"author":62,"featured_media":13230,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,14],"tags":[97,158,195],"class_list":["post-18266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-buhari","tag-presidency","tag-shehu-sani"],"yoast_head":"\n
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