Former Vice President, Atiku Abubakar, has warned President Muhammadu Buhari against taking more external loans.
Atiku, presidential candidate of the Peoples Democratic Party (PDP) in the 2019 general election, said this over the weekend while speaking at a ceremony hosted by the American University of Nigeria in Yola, Adamawa.
Atiku said under the administration of Buhari, Nigeria has taken more loans in the last three years than it did in the 30 years preceding 2016. He described the monumental increase in borrowings vis-à-vis an unprecedented reduction in investments in education as worrisome.
Buhari had on Thursday sought the re-consideration and approval of the National Assembly on the 2016-2018 External Borrowing Plan of the Federal Government.
“Two weeks ago, a friend of mine, Prof. Anya O. Anya, revealed that Nigeria has taken more loans in the last three years than she has taken in the 30 years preceding 2016,” he said.
“I am a businessman. Perhaps the first lesson one learns in business is that you do not take loans except it is to expand your business. There is no justification for taking out loans to pay salaries; meanwhile, you are not investing in your future generation.
“Nigeria’s greatness is not as tied to her elders as it is tied to her youth. That is where our investments should be focussed on.”