National Chairman of All Progressives Congress (APC), Senator Abdullahi Adamu’s claim that the government can “borrow from here till eternity” has attracted criticism from some stakeholders in the Nigerian polity.
Recall that Adamu had said that government borrowing was allowed as long as borrowed funds were used for the intended purposes.
From N12.6 trillion at the end of 2015, Nigeria’s national debt has increased by N29 trillion or 67 percent to N41.6 trillion.
Thus, the Muhammadu Buhari administration has been criticised for plunging the nation into more debt.
Reacting to the criticism in a Trust TV interview, Adamu said, “I remember a programme we had here. I told you and I thought you believed me that I have no quarrel, issues with government borrowing. Government can borrow from here to eternity. The American government borrows, the Canadian government borrows, the United Kingdom borrows, France borrows money from the World Bank and such other institutions.
“Nigeria is no exception, what I quarrel with is if the money is not used for a purpose and the infrastructure we are developing across the country is from this source,” the former Nasarawa governor said.
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However, presidential candidate of the main opposition Peoples Democratic Party, Alhaji Atiku Abubakar and the Labour Party have faulted Adamu’s stance.
Speaking through his media office, the PDP presidential candidate described the comment as “reckless”.
Media Adviser to Atiku, Mr. Paul Ibe said that the APC government should not be advocating more borrowing when the nation is already swimming under a mountain of debt.
He said that Atiku had in several statements, articles and tweets warned that unprecedented borrowing under the Buhari administration was tantamount to mortgaging the nation’s future.
“Nigerians will recall that in one of his articles, titled: ‘Endless Borrowing Will Lead to Endless Sorrowing‘ the Wazirin Adamawa, foretold the economic disaster we are in today.
‘’He not only drew government’s attention to the economic dangers but also suggested ways to mitigate it. The APC-led administration ignored him and we are all suffering for it today.
‘’In his founders day lecture at the American University, Yola, almost three years ago, quoting from the American, John Quincy Adams, who said, ‘there are two ways to conquer and enslave a nation. One is by the sword. The other is by debt’
‘’Atiku noted that the American may have very well been referring to Nigeria of the last three years because Nigeria’s debt serving has now outweighed its income. No nation runs its economy like this. ’APC owes Nigerians a duty to at least, stop compounding our woes with additional borrowing to feed consumption.’’
Also reacting, the Labour Party said that the present administration was being “myopic” about the future of youths in Nigeria.
In a comment by the Director-General of the Obi/Baba-Ahmed Campaign Organisation, Dr. Doyin Okupe, the party said, “Such statement shows the level of how myopic the ruling party can be about the future of Nigeria youths.
“It shows they don’t have any good plan for Nigeria. Do they want foreigners to take over Nigeria? It is high time the National Assembly sat-up and prove to Nigerians that they are not rubber-stamps as they are being perceived by many.”