By Daniel Kanu, Assistant Politics Editor
Disenchanted with the country’s ever rising foreign and local huge debt profile, Senator Shehu Sani, Chairman, Senate Committee on Foreign and Local Debts said the trend was dangerous to the nation’s economy.
Sani said his panel, has expressed dissatisfaction on the state of Nigeria’s economy, just as it called on well-meaning Nigerians to rise up and condemn the development to avoid the re-colonisation of the country.
The lawmaker disclosed this during a chat with some journalists while also condemning latest moves by the President Mohammad Buhari-led Government to take additional loans from Brazil and India.
Recent investigation revealed that Nigeria’s external debt commitment rose by $11.77bn in the last three years.
Also, debt statistics report from the Debt Management Office revealed that the country’s external debt rose from $10.32 billion on June 30, 2015 to $22.08 bilion as of June 30 2018.
This means that the country’s external debt commitment has grown by 114.05 per cent in the last three years.
Sani lamented the sad development and noted that the matter became worse because rather than channeling the foreign loans to production so as to boost the economy, the money was being spent on elephant projects linked to infrastructure.
He also regretted that despite the fact that the administration of former President Olusegun Obasanjo succeeded in taking the nation out of foreign debt, the current administration had plunged the country into huge debts without anything to show for it.
Said Sani: “The truth is that the nation under this administration has consistently taken foreign loans to execute capital projects especially roads, rail, airports and water dams.
“Even now, they are perfecting arrangements to take $1billion loan from Brazil to fund agriculture while also engaging in talks with India to take $100 million for Information and Communication Technology.
“It is important to note that debt is the new colonialism in the world. Nations in both the East and West are struggling to conserve their money. By giving us loans, they are investing in the future of their children.
“It is ironic that the Federal Government agencies are declaring billions and trillions as revenue generated, and at the same time, the government is busy taking foreign loans.
“We must be careful so that our country is not recolonized through the indiscriminate loans we are taking without anything to show for it.
“Despite the fact that we have been out of debt under former President Olusegun Obasanjo’s administration, our external debt profile is rising at over $22bn.
“If we are going by the pending request, we may reach a red line that could be very dangerous. Any attempt to load debts on this country is anti-people.
“Apart from a stiff resistance that must come from the parliament, Nigerians should rise up and resist further borrowing by the current administration.”