Nigeria borrowing itself into slavery – Reuben Abati cries out over fresh $20 5bn loan, warns Tinubu
Arise News anchor, Reuben Abati, has raised alarm over Nigeria's rising debt profile under President Bola Tinubu's administration.
Speaking on Friday during Arise Television’s Morning Show, Abati said Nigeria is gradually borrowing itself into slavery with the rate at which the government is taking loans.
He said the federal government has not been transparent enough on how the previous loans were spent and is already seeking fresh loans running into billions of dollars despite the hardship in the country.
The former presidential aide lamented that Nigerians are yet to feel the impact of the loans already taken, adding that the money seems to be disappearing without proper accountability and without reducing poverty or fixing infrastructure.
He warned that if the government continues to borrow without accountability and without cutting the cost of governance, future generations of Nigerians will be made to pay for loans they did not benefit from.
"Nigeria is borrowing itself into slavery. We cannot continue to borrow without accounting for previous loans. The government must tell Nigerians what they are using these loans for. We have to be careful not to mortgage the future of this country," Abati said.
He called on the National Assembly to thoroughly scrutinize any loan request from the executive and not just approve loans without questioning the purpose and repayment plan.
His remark came after President Bola Ahmed Tinubu sought the approval of the National Assembly for fresh $20.5 billion and €1.04 billion external loans.
Nigeria borrowing itself into slavery – Reuben Abati cries out over fresh $20 5bn loan, warns Tinubu