The Makinde-Daura Presidential Campaign Organisation has condemned what it calls the continued resort to foreign borrowing by President Bola Tinubu cautioning that he is deliberately mortgaging the sovereignty and future of the country.
The party rejected the latest move by President Tinubu to take fresh $20.5bn and €1.04bn loans 80 days to a crucial election especially given his inability to present any concrete plan to repay the over N166.7 trillion debt already accumulated under his watch.
The party says it is concerned that these loans are repeatedly justified under the omnibus of funding infrastructure, critical projects and budget deficits, yet Nigerians cannot point to commensurate projects or has this successive borrowing been able to adequately fund Tinubu’s three overlapping budget cycles, raising the question as to where monies have gone.
It says this malignant debt cancer and insatiable appetite for foreign loans have reached alarming proportions that every well-meaning Nigerian should fear for the country’s future as the Tinubu’s government relentlessly accumulates domestic and external debts with neither commensurate development, transparent utilisation nor a credible repayment plan.
The party further cautioned that President Tinubu is steering Nigeria towards the fate of Egypt under Khedive Isma’il (1863-1880) whose dependence on foreign loans and extravagant spending drove Egypt into bankruptcy with devastating consequences on the sovereignty of that country.
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Editor: Terverr Tyav
