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Foreign loans: Nigeria is hemorrhaging - Donald Duke

Foreign loans: Nigeria is hemorrhaging - Donald Duke

- Presidential candidate of the SDP, Donald Duke, has cried out over Nigeria’s growing indebtedness to China and other countries

- Duke, a former governor, said the concept of independence is being able to stand on your own; and that a nation is not independent if it is indebted to others

- Duke pledged to make credit affordable and available to Nigerians, invest in the housing sector and address the issue of gas flaring, if elected in 2019

Donald Duke, the presidential candidate of the Social Democratic Party (SDP), has expressed concern over Nigeria’s growing indebtedness to China and other countries.

He made his position known during a chat with newsmen at the SDP headquarters in Abuja on Monday, October 8, Punch reports.

Legit.ng gathers that Duke stated that the country is hemorrhaging under foreign loans. He noted that the federal government was taking foreign loans because the interest rates were low; but opined that bank rates in the country could be regulated in order to make credit cheaper and affordable for entrepreneurs to grow the economy.

According to Duke, the about 30% interest being charged on loans made it hard for businesses to grow and generate employment.

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He said: “Indebtedness to any nation is worrisome, not just China. The concept of independence is being able to stand on your own; you are not independent if you are indebted to other nations. We need to strengthen our own local trade and when you trade, there should be a balance.

“You cannot always import without exporting, you cannot always breathe in without breathing out. That’s the law of nature; there must be harmony. If you keep on importing and you are not exporting to have a balance of trade, then your country will hemorrhage. We are hemorrhaging.”

The former governor insisted that if there was availability of power and bank credit, the country would be able to produce almost all the commodities it imports.

Duke said: “All the things that we import, can’t we make them in Nigeria? Each time you import, you are sustaining a job overseas. Our government goes to countries like China to borrow because it is cheaper there.

“But you can also do the same thing here. You can regulate interest rates here and ensure that credit is affordable. We need to indigenise this economy built by Nigerians for Nigerians.”

The presidential candidate pledged to make credit affordable and available to Nigerians, invest in the housing sector and address the issue of gas flaring, if elected in 2019.

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Meanwhile, Legit.ng previously reported that Donald Duke called for the scrapping of zoning of political offices in the country, adding that such process leaves the fate of the country in the hands of politically incompetent people and mediocre.

Duke expressed high dissatisfaction with the zoning formula, saying that the nation is in need of a leadership with blueprints and cardinal objectives; and that its progress should not sacrificed on ethnic considerations.

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Source: Legit.ng

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