Arise TV anchor and former presidential aide, Reuben Abati, has raised concerns over Nigeria’s growing debt burden, warning that the country could be mortgaging its future through continued borrowing.
Speaking on Arise Television’s Morning Show on Friday, Abati criticised the Federal Government’s plan to obtain fresh external loans running into billions of dollars despite the economic hardship confronting Nigerians.
He questioned the transparency surrounding previous borrowings, noting that citizens have yet to see significant improvements in their living conditions, infrastructure or poverty levels despite the huge sums already borrowed.
According to him, continued borrowing without proper accountability could leave future generations saddled with debts they did not benefit from. He also urged the government to reduce the cost of governance and clearly explain how borrowed funds are being spent.
“Nigeria is borrowing itself into slavery. We cannot continue to borrow without accounting for previous loans. The government must tell Nigerians what they are using these loans for. We have to be careful not to mortgage the future of this country,” Abati said.
He further called on the National Assembly to subject every loan request from the executive to rigorous scrutiny, including examining its purpose, spending plan and repayment strategy, rather than approving borrowings without adequate questions.
Abati’s comments followed President Bola Ahmed Tinubu’s request for the National Assembly’s approval of fresh external borrowing amounting to $20.5 billion and €1.04 billion.
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