By Busari Kabirat
An ex-lawmaker from the House of Representative which in his regime represented Jos South/Jos East, Dachung Bagos, has knitted brows over the Federal Government’s borrowed loans, marvel over how the country is going to get the loan paid.
Bagos in an interview on Channels Television’s Politics Today on Thursday, noted that Nigeria which was not an industrialized or an exporting country, how will the country be able to pay back.
It was recently reported that President Bola Ahmed Tinubu sent a loan request of not less than N1.77 trillion ($2.2b) to the National Assembly of which was later approved few days after by the Senate.
This had given opportunity to lot of Nigerians to question, inclusive of Bagos.
He asked, “You are collecting loans, where are the templates? What are the templates for repayment of those loans? We are not a producing nation. We are not industrialised. We are not an exporting nation.
“So, a lot of issues are wrong with our loans. You borrow to take breakfast, borrow to take lunch, borrow to take dinner every day, borrow to pay your children’s school fees, borrow to do every single thing. How are you going to pay those loans.”
Bagos noted that the country’s borrowed loans are extremely high when the country has no reasonable sources of income to pay back the money which will definitely burdened Nigerians.
The loan is part of a fresh external borrowing plan to partially finance the N9.7 trillion budget deficit for the 2024 fiscal year.
The Central Bank of Nigeria (CBN) said that it cost the Federal Government $3.58 billion to service foreign debt in the first nine months of the year.
