Yoruba monarch, Iba Gani Adams, has warned against accumulation of debts by the Buhari government, saying the ordinary people are as usual, the ones to bear the consequences of something that hasn't been of any significant benefit to them.
Adams who made this known in Lagos during the maiden edition of Egbe Festival, organised by the Olokun Festival Foundation, (OFF), said Nigeria is already feeling the heat of the huge debt burden.
He said, “Last week, President Muhammadu Buhari sought another $4bn loan. But it is unfortunate that the burden of several loans embarked on by the Federal Government is hitting hard on the ordinary citizens.”
“The loan request, according to the Federal Government, would be used for the Kano-Niger Republic rail project and others. The Federal Government had also argued that the rail line, when completed, would improve trade among Nigeria, Niger, and North Africa.
“But it must be stated that rather than improving the economic prosperity of the nation, the burden of the growing debt profile, and the amount incurred in servicing these loans would only add to the economic woes of the ordinary citizens.
“For instance, the Lagos-Ibadan road is a major road in the southwest region. But sadly, the road has been under construction for the past 12 years.
“This also applies to Lagos-Badagry road, yet the Federal Government is concerned about the Kano-Niger Republic railway, with little or no economic value. This is ridiculous, because it all amounts to gross misplacement of priorities and nothing more.”
Similarly, former President, Olusegun Obasanjo has reacted to the move by the Federal Government to take fresh loans, wondering who would pay it back in the future.
Obasanjo, while speaking to Channels Television in South Africa, described as criminal, the alleged move to accumulate debt for the next generation to pay.
He said, “But if you are borrowing and accumulating debts for the next generation and the next generation after them, it is criminal. What are you borrowing for?"