A former vice president, Atiku Abubakar, has written to the Senate President, Ahmad Lawan, urging the National Assembly to reject any new loan requests that are not for income-generating projects.
“Nigeria risks insolvency if it continues to borrow money, adding that previous loans were spent on non-viable projects,” the 2019 presidential hopeful of the Peoples Democratic Party said. “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,” Mr Abubakar noted.
“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.”
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