On Thursday, President Muhammadu Buhari represented the rejected $30 billion external loan by the Saraki led 8th Assembly before the Lawan led 9th Assembly for approval. This has raised a lot of eyebrows in the country.
On Friday, Former senator in the 8th Assembly Shehu Sani has come out to exclusively explained why the Bukola Saraki led 8th Assembly rejected the President’s request in 2016. This he made available to Thisday newspaper.
According to Shehu Sani who was the Chairman of the Senate committee on local and foreign debt in the 8th Senate, as reported by Thisday Newspaper, the 8th Assembly rejected that proposal to save Nigeria from sinking into the dark gully of a perpetual debt trap.
Shehu Sani has urged the Ahmed Lawan led 9th Senate and the combined National Assembly to be cautious, saying, “We don’t want our country to be recolonized by creditor banks”.
Shehu Sani voiced that Nigeria’s external debt since 2015 was $10.32 Billion and it escalated to $22.08 in the second quarter this year, which is 114 percent, if we had approved that loan request,our external debt could have catapulted to over $52 Billion and that is not sustainable”.
He explained that 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”.