FG warned against plan to borrow $22.7bn

Federal Government has been asked to shelve the idea of borrowing the proposed $22.7 billion as it will in the long run create more hardship for Nigerians. A financial analyst and the chairman board of trustees of Chartered Institute of Development and Social Studies, Shae Bebeyi gave the advice while speaking with newsmen in Lokoja, questioning the rationale for borrowing before servicing the 2020 Budget.

He expressed fears that rather than heal the economy the debt will cause the economy to bleed in the nearest future thereby causing more pains for Nigerians.

“The Federal government should look inward in servicing the budget instead of going capin-hand to seek for foreign loans. There has not been enough transparency and patriotism in the previous loans obtained for the country.

“Nigerians need to know about the billions of naira that have been recovered from the looters since the inception of this government; we also need to know what has happened to recovered loots from Abacha and how the billions of naira generated from oil revenues have been expended,” he said.

“I think what the Federal Government should do now is to block all leakages in all the ministries, parastatals and agencies, reduce its expenditure and cut down to the barest minimum the salaries and allowances of political office holders. The way we run our democracy is too expensive, the cost must be reduced drastically,” he said.

Bebeyi, who commended the Federal Government on the temporary closure of the land borders, added that it was the best thing to do for now as “it will grow our micro economy and will enhance a national rebirth that is capable of giving some kind of relief and succour to the common man.”

The Social commentator also condemned in strong terms the recent invasion of a High Court in Abuja by men of the Department of State Service (DSS) where they attempted to rearrest the convener of the Revolutionnow, Omoyele Sowore and said it was an affront on democracy which must not be tolerated.

“That unfortunate act by the DSS has further damaged the image of Nigeria before the international community as a country which has no respect for the rule of law,” he said.