Loan: Don’t Revive Reckless Borrowing Culture Of Previous Administration – Ex-Senator Warns Tinubu

Former Kaduna Senator, Shehu Sani has warned President Bola Tinubu against imbibing the habits of recklessly taking on loans like his predecessors.

Issuing this warning in the wake of President Bola Tinubu’s request for a fresh loan, Sani, in a tweet via his official X handle, wrote: “The FG Borrowing $7.8 Billion will jack up our external debt to $50,859.19Billion. The President should be careful not to return the country to the reckless borrowing culture of the past regime.”

His comment comes as President Bola Tinubu led government resolves to take on fresh loans to fund the country’s economy.

Naija News recalls that President Tinubu  had sought the Senate approval to borrow additional $7.8 billion and €100million, as part of his 2022-2024 borrowing plan.

The President stated that the loan request was based on approval granted by the administration of President Muhammadu Buhari following a Federal Executive Council, or FEC, meeting early in May 2023.

As of June 2023, Nigeria’s public debt was estimated to be N113.4 trillion, including $43.2 billion in foreign debt and N54.1 trillion in domestic debt.

With the devaluation of the naira and the president’s proposal for more borrowing are expected to result in a total state debt of N130 trillion.