Shut Down Buhari’s $29.9Bn Loan Request, Attah Urges NASS

Elder statesman and former Governor of Akwa Ibom State, Obong Victor Attah, has advised the National Assembly (NASS) to shut down the $29.9 billion loan request from President Muhammadu Buhari if its repayment plan is solely based on revenue from crude oil sales.

While he faulted the decision of the President Buhari administration to borrow the money for developing infrastructure, Attah said the president ought to have embarked on restructuring the economy and the nation’s governance structure before seeking further loans.

This came as the Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, dismissed criticisms that have trailed government’s bid to access the loan, saying in percentage terms, Nigeria’s debt-GDP ratio is one of the lowest in the world and even in the continent.

According to Shehu: “experts have said repeated that when you use what is commonly used to adjudge a country whether they have under borrowed or over-borrowed, you talked about the debt-GDP ratio. Nigeria’s debt-GDP ratio is low even among African countries.

“At about 20 per cent, it is not a threat. Countries that are advanced, go and google Japan’s GDP-Debt ratio it is more than 100 per cent. So, it is not a scandal to borrow. The bad thing about borrowing is when you deploy money to your pocket. This has happened in the past in this country.

“President Buhari is borrowing to construct railways, East-West Expressway, second Niger Bridge, Mambilla Power, Abuja-Kano Expressway, Ajaokuta-Abuja-Kaduna-Kano Gas pipeline. These are projects that are beneficial to the economy.

These are projects that without them, this country cannot achieve development.”

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