According to Punch on Thursday, November 21, 2024, former Vice President Atiku Abubakar has voiced serious concerns about the growing number of foreign loans that President Bola Tinubu’s administration is requesting, calling them onerous for Nigerians and harmful to the country’s economic stability.CONTINUE FULL READING>>>>>
In a statement released on Thursday, the 2023 presidential candidate of the Peoples Democratic Party warned that the loans, which have been rapidly approved by the National Assembly, will exert “bone-crushing” pressure on the economy.
“These Tinubu’s loans are bone-crushing for Nigerians and are bringing insufferable pressure on the economy, especially when they are not properly negotiated or utilised,” he stated.
On the same day, the Senate approved a $2.209 billion external loan request by Tinubu, following the report of the Senate Committee on Local and Foreign Debts presented by Chairman Aliyu Wamakko. This approval comes amidst growing concerns over Nigeria’s debt sustainability.
Atiku accused the government of failing to disclose crucial details about these loans, citing the discrepancy between Tinubu’s claims of record-high revenue generation and the continued borrowing spree.
“Tinubu had, in July, boasted that the FIRS and Customs under his watch had collected all-time high revenues to finance the Budget. Why, then, are they still borrowing? There is something they are not telling Nigerians,” he remarked.
The former Vice President also criticized the National Assembly for acting as an “accomplice” in enabling the loans without adequate scrutiny. He emphasized the need for transparency and cautioned against plunging the country into further debt.
Atiku further urged the government to focus on sound financial management rather than rely on excessive borrowing, warning that unchecked debt accumulation could lead to long-term economic instability for the country.CONTINUE FULL READING>>>>>
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