- Senator Shehu Sani has explained why the eighth Senate rejected Buhari’s $29.96 billion loan request
- According to Sani, the former lawmakers rejected the request to save Nigeria from being recolonised
- The Kaduna-born politician made this statement as President Buhari re-presented the loan request to the ninth Senate
Shehu Sani, who represented Kaduna Central Senatorial District in the eighth Senate, has opened up on why the former lawmakers rejected the $29.96 billion loan request by the federal government.
President Muhammadu Buhari had in 2016 requested for the lawmakers’ approval of the loan which was captured in the federal government’s 2016-2018 external borrowing plan to the upper legislative chamber in 2016.
Sani, however, said on Friday, November 29, that the loan request was rejected to save Nigeria from being ”recolonised by creditor banks”.
The former lawmaker, in a statement made available to Legit.ng, said the country’s external debt would have hit $52 billion if the loan request had been approved.
“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.
Sani raised alarm over the growing debt of the country, saying additional borrowing will jeopardise Nigeria’s future.
“Loans are not charities. Most of those encouraging more borrowing are parasitic consultants, commission agents, rents seeking fronts and contractors. We must be cautious," the lawmaker added.
Sani’s statement came shortly after President Buhari re-presented the loan request to the ninth Senate which is being led by Senate president Ahmad Lawan.
Lawan read President Buhari's letter which contained the loan request during plenary on Thursday, November 28.
According to the Debt Management Office (DMO), as of June 30, Nigeria owed N25.7 trillion in debt both domestically and externally.
This is revealed in the DMO‘s ‘Total Public Debt Portfolio’ obtained from its website on Wednesday, October 15 in Abuja.
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