Activist lawyer, Maduabuchi Idam has charged President Bola Tinubu to end the aimless foreign loan borrowing because he would bring Nigeria to its knees.
The lawyer also urged the National Assembly to stop further approval of Tinubu’s loan requests.
He described the two billion dollar additional loan request by Tinubu as a charity bazaar in the pocket of political actors.
Maduabuchi said the money will end in the pocket of politicians if the federal government fails to ensure transparency and put in place a monitoring mechanism.
Speaking with DAILY POST, the lawyer said: “2 billion dollars additional loan request by federal government without a transparent monitoring mechanism in disbursement will end as a charity bazaar in the pocket of political actors.
“As a citizen, I’m pensively traumatized to know that Nigeria is becoming the “Borrowing Giant” of Africa even as some less economically viable countries in Africa are proudly snubbing international loans and choosing to rely on their internal revenues for developing their countries.
“I’m curious or rather saddened that President Tinubu’s administration has developed an insatiable orgy for foreign loans instead of engaging in programs that will grow the nation’s economy as he promised.
“To think that the Tinubu administration in less than two years has secured loans worth $6.45bn without a corresponding project to justify it is not only disturbing but painful.
“I’m yet to learn of any nation around the world that borrowed its way out of poverty. The principle of borrowing for enjoyment or borrowing to service personal desire for luxurious lifestyle should not be encouraged in governance.
“While there is nothing wrong in borrowing for investment ( provided it is honest, genuine and transparent), there is everything wrong with borrowing for enjoyment.
“Unless, Nigeria wants to be perpetually indebted to its creditors, the National Assembly must not be charitable in its approval when next a request for loan is made by the President.
“Except President Tinubu is mindless about having Nigeria as a Nation crawl on its kneels while battling recession, the aimless borrowing has to end and the National Assembly must henceforth tarry from further approval of president Tinubu’s request for loans until there is a justification for the ones borrowed.”
‘Bazaar in politician’s pockets’ – Idam urges Tinubu to halt foreign loans
