The former Senator representing Kaduna Central constituency, ehu Sani, the 8th senate, led by Senate President, Bukola Saraki, turned down President Muhammadu Buhari’s request for a $30 billion loan.
Explaining that the request was turned down in order to save Nigeria from sinking, Sani stated that Buhari made a request to the Senate to reconsider approving the federal government’s 2016 to 2018 external borrowing plan which had been rejected by the 8th senate.
Sani, who was the former Chairman of the Senate Committee on Local and Foreign Debt, said:
“We turned down the FG loan request for 30 billion to save Nigeria from sinking into the dark gully of a perpetual debt trap. We don’t want our country to be recolonized by creditor banks.
“Our external debt in 2015 was $10.32 billion and it escalated to $22.08 in the second quarter this year, which is 114 per cent, if we had approved that loan request, our external debt could have catapulted to over $52 billion and that is not sustainable.”
The former lawmaker also lamented that the country was borrowing too much and would fall into debt soon.
"Nigeria will walk into debt slavery and move from landlords to tenants in our country," Sani said.
“They will always tell you that even America is borrowing and I don’t know how rational it is to keep on borrowing because another country is borrowing.
“If we keep listening to bankers and contractors we will keep borrowing and burying ourselves and leave behind for our children a legacy of debt burden.
“Loans are not charities. Most of those encouraging more borrowing are parasitic consultants, commission agents, rent-seeking fronts and contractors.”