He said considering the circumstances surrounding the approval of the loans, the country’s overall interest and its future were not taken into consideration by the National Assembly, rather the commissioned agents, who are the beneficiaries of the foreign loans, are at advantage.

Sani reacted to the approval of the lawmakers to the loans that the 8th Assembly rejected, insisting that “the approval will plunge Nigeria into a deeper pit of debt.

“It is going to mortgage the future of our children. It is unfortunate that Nigeria has exhibited the London and Paris club, and also drag itself into the Washington and Beijing club. And we are very likely to remain there for a very long time. The debt profile of Nigeria is unsustainable. Most of the reasons why we are going to borrow money are not really tenable.

“We cannot repay this debt so easily, and what I know very well is that if this debt was approved under Jonathan, President Buhari and APC could have been in the forefront of protesting against it”.

“It is unfortunate that the very people who have raised issues on our national debt when they were in opposition or in Labour, today they have found themselves to be leaders in terms of promoting and also piling up debts for Nigeria. If we are not careful the whole country will be under the control and mortgage web of those foreign creditors’ institutions”.

Sani also remarked that “foreign debt is slavery, and we have simply worked ourselves into it under Buhari,” stressing, “as far as I am concerned, we supposed not to have reached this very level of poverty in the country if the past debt profile was well managed”.

“Debt should only be for critical infrastructure that would promote the development and drive growth in our country. But, how can Buhari’s government that says it is netting over one billion naira every day through the closure of borders, and how can the government that says it has saved money as a result of subsidies and other critical measures, now go to borrow billions of dollars?”

“And, if you look at the revenue profile of Nigeria today, from what accrues to the country we will continue to service this debt for over half a century. And I don’t think that will go well for the nation”.

Adducing further reasons why Buhari’s government should not plunge the country into further debt, Senator Sani remarked, “there are critical infrastructure that simply needs a private-public partnership where the private sector will invest money, at the same time the profit would be shared by the public and the private sectors”.

“We don’t need to borrow money to build an airport, we don’t need to borrow money to build infrastructure that will generate money, when if there are private interest that are ready to lend their money and to invest. So, I think the administration of the National Assembly have gotten themselves on the wrong side of history by getting us into debt. And this will continue to be an issue for the next 50 years.”