Why we rejected Buhari’s $30bn – Shehu Sani

Senator Shehu Sani, who represented Kaduna central at the 8th senate has said that they turned down the President Muhammadu Buhari’s loan request for $30 Billion last year to save Nigeria from sinking into the dark gully of a perpetual debt trap.

In a statement on Friday, Sani said the senate at the time rejected the request to save Nigeria from being ”recolonised by creditor banks”.

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Sani said the country’s external debt would have hit $52 billion if the 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,” he said.

“We don’t want our country to be recolonized by creditor banks.”

Sani, who represented Kaduna central at the senate, said the country’s external debt stands at $22.08 billion as of June this year — from $10.32 billion in 2015.

He warned that borrowing further will jeopardise Nigeria’s future.

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

“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.

“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.”