Former vice president and presidential candidate of the People’s Democratic Party (PDP) in the 2019 general election, Alhaji Atiku Abubakar, has written to the President of the Senate, Dr. Ahmad Lawan, requesting the National Assembly to reject any new loan request meant for projects that are not viable.
The letter which was sent to the senate president on August 25 urged the federal lawmakers to also halt approval for loans that are not income-generating or production-based.
Atiku warned that Nigeria risked insolvency if it continued to borrow money, adding that previous loans were spent on non-viable projects.
“On May 29, 2015, Nigeria’s total national debt stood approximately at N12 trillion. As of August 2020, our national debt has tripled to N28.63 trillion. Even more alarming is the fact that the foreign debt portion of our national debt has risen from less than $10 billion on May 29, 2015, to almost $30 billion in August 2020,” Atiku said.
“A further cause for concern is the fact that not all of these debts are necessary. A study of the use to which these monies have been put to will show that much of it has gone towards items or projects that are non-productive or viable.”
The former vice president noted that the future of Nigeria’s youth and unborn generations had been placed in what could very well be bondage-like conditions.
“As such, in view of your role as a check on the excesses of other arms of government, may I suggest that going forward, the National Assembly should refuse to approve any new loan requests, where such loans are to be spent on projects or items that are not income-generating or production-based, or indeed viable.”
According to the Debt Management Office (DMO), Nigeria’s total public debt as of March 2020 stood at $79.3 billion out of which external debt was $27.6 billion.