Chairman Senate Committee on Local and Foreign Debt, Senator Shehu Sani of Kaduna central district has warned all tiers of government to be weary and thread slowly in rushing to obtain loans from foreign and local Agencies in order to be free from economic stagnation.
Sani In a keynote address delivered at a retreat organised by the Debt Management Office held in Minna, Niger state, for members of the Senate Committee on local and foreign debts, pointed out that if there is, however, the desperate need to collect such loans, the people must be properly sensitized and mobilized to know the purpose why the loans should be taken.
He added that such loans should be wisely spent in order not to turn the country or state into economic slaves and beggars.
He said, “Debt is equivalent to slavery because any country, state or individual that go cap in hand to borrow money always will eventually turn to be slaves and those involved will be bonded and silenced until such debts are finally serviced.
“This is why the electorate should know what the money is meant for and kick against any loan or bond that is not necessary but only meant to strangulate and enslave the people.”
The Senator stressed that politicians are not debt management experts but only to impress the electorate with the execution of big projects no matter the debt incurred and left for generations yet unborn to service.
He added, “No doubt, our economy is in bad shape. There have been debates at different fora as to whether the economy is currently in a slow down or in recession or in depression.
“Whatever is the argument by the economists, government officials, Captains of Industries or ordinary Nigerians, the truth is that our economy is seriously challenged but the good news is that it is redeemable.”
Sani, however, noted that only effective debt management that will emphasize transparency, due process and fiscal discipline can precipitate a turn-around in the economy.
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