A Former Federal House of Representatives member Dachung Bagos, who represented Jos South/Jos East in the lower chambers has criticized the Federal Government on its incessant borrowings.
Mr Bagos while speaking on Channels Tv said the Federal Government borrowing money to solve Nigeria’s problem is wrong.
He explained that Nigeria is not industrialized, neither is it a producing or exporting country, so when they continue borrowing, how do they intend to pay back the loans.
Recall that the Igbo Tv had earlier reported that the President of the Federal Republic of Nigeria had requested for a N1.77 trillion loan approval from the legislative arm.
Bagos stated that, a lot of issues are wrong with our loans, that Nigeria has no template for repayment of those loans.
He said: “You are collecting loans, where are the templates? What are the templates for repayment of those loans? We are not a producing nation. We are not industrialized. We are not an exporting nation,”
“So, a lot of issues are wrong with our loans. You borrow to take breakfast, borrow to take lunch, borrow to take dinner every day, borrow to pay your children’s school fees, borrow to do every single thing. How are you going to pay those loans?”
He talked about Tax Reforms, which he believes with the loans, will surely be a burden on Nigerians in 2025.
The former House of Reps member revealed that our borrowing ratio is almost getting to 10% annually as per his calculations, and that is a very dangerous situation for Nigeria.
“From my last calculation, our borrowing ratio is almost getting to 10%. per year or by annually,” he said.
“So if we are getting to that level, that almost getting to 10 percent, it is very dangerous route as a country. I’m not an economist, but then I know that, inflation will be on the high rise.
“As long as inflation is going high, you are not exporting, you are not producing, you are not indjustrilzied, I don’t see any magic.
He also mentioned that the only industry in Nigeria where people go to work, are the state and federal civil/public service.
And another place you see many Nigerians, is either in the church or mosque. But this is different about China, Turkey, etc. where you see people in industries working day in day out.
