Senator Sani warns of consequences as Buhari returns to Senate with $29bn loan request

Kaduna Central Senator in the 8th Senate, Shehu Sani has warned that Nigerian could be walking into debt slavery with the current escalation of borrowing by the Federal Government.

Sani, who was the former chairman of the committee on local and foreign debts, in the previous Senate, stated this in a statement on Friday.

He was reacting as President Muhammadu Buhari returned to the Senate with the $29.96 loan request the 8th National Assembly refused to approve.

Sani, who defended the decision of the then lawmakers to reject the loan request from President Buhari, said the action of the Bukola Saraki led-Senate was taken to save Nigeria from “sinking into the dark gully of a perpetual debt trap” and from “recolonisation”.

According to Sani, Nigeria’s external debt would have hit $52 billion if the 8th Senate had approved the loan request.

“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 a creditor banks,” he said.

He added, “With the current escalation of borrowing, we will be walking into debt slavery and move from landlords to tenants in our country.

“They will always tell you that even America is borrowing and I don’t know how rational is it to keep on borrowing because another country is borrowing.

READ ALSO: Buhari returns to Senate with $29bn loan request

“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, rents seeking fronts and contractors. We must be cautious.”

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