$29.96 Billion Loan: Fayose Warns Buhari Not To Borrow – See Reason
Ekiti State Governor, Mr Ayodele Fayose has warned President Muhammadu Buhari’s government against borrowing $29.96 billion to finance the 2016 budget.
He said such debt will finally depress the country’s economy, calling on Nigerians to reject the decision.
Fayose, who accused the Senate President, Senator Bukola Saraki of giving tacit support to the Buhari’s move, warned that any attempt to subvert the wishes of Nigeria, whom he said had vehemently rejected the proposition will be tantamount to betrayal of trust.
The governor also predicted that a great implosion will soon rock the ruling All Progressives Congress (APC) that would sign a death knell for the party before the 2019 general elections.
Fayose spoke in Ado Ekiti yesterday while delivering a lecture entitled: ‘Journalism: Antidote to Economic Recession’ to mark the 2016 Press Week of the Ekiti Council of the Nigeria Union of Journalists (NUJ).
Fayose, who criticised Buhari for blaming the past governments for the economic woes despite that he has spent one and half years in the saddle, said borrowing of such huge amount of loan from the international market would push the economy from the present recession to depression level.
“The current situation whereby the federal government is running after perceived opposition suggests that of a man that is interested in pursuing re-election rather than solving economic problems.
“A situation whereby government is borrowing far and above its external reserves means that the 2016 budget will not be implementable because about 30 per cent will be used to service external debt and if this happens, then our economy will go into depression in 2017.
“At the departure of President Goodluck Jonathan’s government, a dollar was at the upper limit of N220 and official rate of N190. But today, a dollar is N477 which shows clearly that Buhari’s government has damaged the economy by 30 per cent.
“As we speak now, Nigeria is gradually entering autocracy. Judiciary no longer has courage to defend democracy.”