President Jonathan is leading the Nation Into Debt Trap - Senators

Senators yesterday criticised President Goodluck Jonathan for seeking $7.9 billion external loan to finance certain projects, saying he was leading Nigeria into a debt trap.

Jonathan in February sought the inclusion of the projects into the Medium Term (2012-2014) External Borrowing Plan.

Debating a motion on the matter presented by Senate Leader Victor Ndoma-Egba, senators said the borrowing would expose the nation to a debt trap.

Senator Benedict Anyade (PDP, Cross River) said there was no basis for seeking fresh external loans when most of the projects for which huge funds were borrowed in the past were abandoned.

He said resorting to foreign loans is a celebration of the inefficiency and lack of moral credibility.

Senator Ita Solomon Enang (PDP, Akwa Ibom North-East) said most of the items for which loans were being sought were unreasonable because they had already been provided for in the 2013 budget.

Senator Ganiyu Olanrewaju Solomon (ACN, Lagos East) said the previous loans acquired from foreign institutions had not been used for the purposes intended, suggesting that the implementation of loans be monitored in order not to make the borrowing a burden on the coming generation. Source

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What's it with borrowing again,the trillions budgetted has not been implemented yet and sourcing for external funds in form of borrowing is laughable.
We do really need a leader with our best intererst at heart in this country.

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