Former Deputy National Publicity Secretary of the All Progressives Congress (APC), Comrade Timi Frank, has warned the Chinese government to be careful in the loans being granted to Nigeria.
Frank also lamented what he described “the astronomical rise in the nation’s Foriegn debt portfolio” saying it amounted to mortgaging the future of Nigerians.
Frank who made the declaration in a statement in Abuja also stated that despite over 100 per cent rise in the nation’s external debt under the current administration, wide spread sense of dissatisfaction persist in the land.
“If something is not done urgently to stop these huge loans being amassed by the current government, the country’s future will be in jeopardy and our children’s children will certainly turn slaves to our creditors. Unfortunately this is the kind of future that is being preparing for Nigerians – both living and yet unborn,” Frank stated.
He thanked the Chinese Government for recently signing a $328million ICT pact with Buhari but regretted that the loans they have released to the country in the last three years are not being utilized for the purposes they were meant.
“Nigerians only hear of loans that the present administration has incurred in the last three years, but there is nothing on ground to show that such amounts have come into the Federal coffers for development,” he stated.
Frank wondered how the nation’s external debt profile skyrocketed from $10billion in 2015, to $22.08bn as of June 30 this year – representing a whooping 114.05 per cent, according to statistics from the Debt Management Office (DMO).
He lamented that the nation’s local debt also currently stands at N12.15trillion.
He said: “Nigerians have not seen the proposed dividends accruable from these loans, otherwise, Nigeria would not have emerged the poverty capital of the world with over 87 million people living in extreme poverty – according to a report by the Brookings Institution on the World Poverty Clock recently.”
He urged the National Assembly to stop approving foreign loan requests by Buhari while calling on the Chinese and other world governments and international financial Institutions to desist from granting loans to the Buhari’s administration.
He called on the National Assembly to probe where and how the over $11billion external loans granted to Buhari’s administration in the last three years have been or are being utilized.