Atiku urges National Assembly to reject fresh loan requests by FG

Atiku urges National Assembly to reject fresh loan requests by FG

- Atiku has called on lawmakers to reject loan requests

- The former vice president said loans that are not income-generating or production-based should not be approved

- According to him, Nigeria cannot continue to borrow money for non-viable projects

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Lawmakers have been urged to reject the loan request by the administration of President Muhammadu Buhari.

The call was made by former vice-president Atiku Abubakar.

Specifically, he said loan for projects that are not viable should be turned by lawmakers.

Abubakar disclosed this in a letter to Senate President Ahmad Lawan, The Cable reports.

He urged the federal lawmakers to also halt approval for loans that are not income-generating or production-based.

The former VP said Nigeria risks insolvency if it continues to borrow money, alleging that previous funds borrowed were used for things that are not viable.

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In the letter, Abubakar said Nigerians cannot sit back and watch while the nation teeters towards financial peril.

Atiku urges National Assembly to reject fresh loan requests by the FG

Atiku said loans that are not income-generating or production-based should not be approved
Source: UGC

He added that the future of Nigeria’s youth and unborn generations has been “placed in what could very well be bondage-like conditions.”

As such, in view of your role as a check on the excesses of other arms of government, may I suggest that going forward, the National Assembly should refuse to approve any new loan requests, where such loans are to be spent on projects or items that are not income-generating or production-based, or indeed viable,” he said.

Meanwhile, Legit.ng had reported that Kano elders under the auspice of Kano Unity Forum (KUF) wrote a petition against Governor Abdullahi Umar Ganduje over his insistence to take about N300 billion for a light-rail project.

In a petition signed by former presidential aspirant and chieftain of the All Progressives Congress (APC), Bashir Tofa, which was directed to President Muhammadu Buhari, the Kano elders raised an alarm that Ganduje is taking to a path that may plunge Kano into internal debts.

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The petition was also addressed to the National Assembly, the office of debt management, and Federal Ministry of Finance.

Legit.ng had also reported about the reaction of Shehu Sani to the controversial $500 million Chinese loans. According to him, there is more to the defence being put up by transportation minister Rotimi Amaechi.

Amaechi, while speaking with journalists, had explained why there is nothing wrong with the federal government ceding Nigeria's sovereignty to China in the signing of a loan deal with the Asian country.

But in a swift reaction, Sani who is a former senator representing Kaduna Central raised an eyebrow against the logics of paying the loans for a period of twenty years.

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