Nigeria Senators Get 'Migraine' Over Rising Foreign Debt
Nigeria’s rising foreign debt is giving lawmakers at the senate severe headache.
The Senate Committee on Foreign and Local Debts is worried that Nigeria’s foreign debt will soon put the economy into serious trouble.
The panel, therefore, called on well-meaning Nigerians to rise up and condemn the development to avoid a re-colonisation of Nigeria.
The Chairman of the committee, Senator Shehu Sani, stated this while expressing the views of his panel on the latest moves by the Federal Government to take additional loans from Brazil and India.
Nigeria’s external debt commitment recently rose by $11.77 billion in the last three years.
Debt statistics from the Debt Management Office revealed that the country’s external debt rose from $10.32 billion on June 30, 2015 to $22.08 billion as of June 30 this year.
This means that the country’s external debt commitment has grown by 114.05% in the last three years.
Sani lamented the development and noted that the matter became worse because rather than channeling the foreign loans to production to boost the economy, they were being spent on infrastructure.
He also regretted that despite the fact that the administration of former President Olusegun Obasanjo succeeded in taking the nation out of foreign debt, the current administration had plunged the country into huge debts without anything to show for it.
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