News, People, What's Trending

‘Don’t embark on any external loan’ -Nigerians warn Buhari

Just as economic and financial experts have warned President Muhammadu Buhari over his administration’s plan to borrow $29.96 bn from external sources for infrastructure deficit, some other well meaning Nigerians have also kicked against the proposal, advising the Federal Government to work with the resources at its disposal as any attempt to go into any borrowing again will only amount to mortgaging the country’s future.
A cross section of Nigerians spoke to also shared similar views.

‘It will mortgage the future of our children’ – EMMNUEL NNANA
I don’t support it at all. I will advise the senate not to approve it as well. Doing that will only mortgage the future of our children. Besides, what about our $25 bn foreign reserve? Also, what about all the recovered loots and the one they’re still recovering? Buhari shouldn’t try it at all. Instead, he should limit his budget on the available resources and ensure the Niger-Delta militants stop blowing our oil pipelines. By doing this, I believe we will have enough to finance our infrastructure unless Buhari has ulterior motive.”

‘I don’t see any need for that’ – OBI UZOR
We don’t need to borrow any money again. After all, we have recovered a lot of loots from previous administrations and many individuals. So, why the need to go into borrowing again? If l borrow that kind of money now, how are we going to pay it back? Or they want to put the debt on generations yet unborn? Borrowing $30 bn now is unacceptable.”

‘I wonder why we still need external loan’ – DAMI-ANN
“I wonder why Nigeria still needs to borrow money after all the recovered money we keep hearing about. Although, I read where the EFCC said the recovered funds is in its custody till court cases come to a conclusion but there are other funds that were recovered that are not in court or contention. Nigeria needs to get its act today. I know all countries borrow but in other countries, you see where the money goes in their economies.”

‘It’s crazy’ -AKIN OWOLABI
“I am totally against any external borrowing by Nigeria now. It’s crazy. I don’t even expect Buhari to suggest that. What’s the essence of all his campaigns about strengthening the economy? Why must we borrow when we have recovered more than N3 tn? I think he should think twice if he doesn’t want to plunge the country into another mess.”


Related Stories:



About the Author