Obtaining loan form is slavery..

Minna- Chairman Senate Committee on
Local and Foreign Debt, Senator Shehu Sani
has warned all tiers of government to be

weary and thread slowly in rushing to obtain
loans from foreign and local Agencies in
order to be free from economic
strangulation.
In a keynote address he delivered at a
retreat organised by the Debt Management
Office held in Minna, Niger state, for
members of the Senate Committee on local
and foreign debts, Senator Sani said if there
is however the desperate need to collect
such loans, the people must be properly be
sensitized and mobilized to know the
purpose why the loans should be collected.
Not only that, he said such loans should be
judiciously spent in order not to turn the
country or state into economic slaves and
beggars.
According to him, "Debt is equivalent to
slavery because any country, state or
individual that go cap in hand to borrow
money always will eventually turn to be
slaves and those involved will be bonded
and silenced until such debts are finally
serviced. This is why the electorate should
know what the money is meant for and kick
against any loan or bond that is not
necessary but only meant to strangulate and
enslave the people."
Senator Sani pointed out that Politicians are
not Debt Management experts but only to
impress the electorate with the execution of
gigantic projects no matter the debt incured
and left for generations yet unborn to
service.
He said Nigerians should not be deceived
with the status of our economy presently
pointing out that all is not well with the
nation's economy now and that all Nigerians
should rise to remedy the gloomy situation.
"No doubt, our economy is in bad shape.
There have been debates at different fora
as to whether the economy is currently in a
slow down or in recession or in depression.
"Whatever is the argument by the
economists, government officials, Captains
of Industries or ordinary Nigerians, the truth
is that our economy is seriously challenged
but the good news is that it is redeemable,"
Senator Sani declared.
He however said that an effective Debt
Management that will emphasize
transparency, due process and fiscal
discipline can precipitate a turn around in
the economy, adding that debt can only be a
veritable tool for economic and development
only if properly managed.
Former Governor of Zamfara state, Senator
Ahmed Sani Yerima in his contribution said
that it is sad that some Governors pile up
huge debts for their successors to battle
with few months to leaving office and
wondered in whose interest and who to
settle the loans.
He added that if need be to legislate on
borrowing towards guiding various
governments from obtaining loans, the
National Assembly will not hesitate to
cooperate with the DMO towards this.
Director General of the Debt Management
Office, Dr. Abraham Nwankwo had said that
there is no sin in borrowing, but the most
important thing is ploughing such loans to
viable projects and also servicing it as at
when due, adding that his office has no
powers to regulate any government from
obtaining loans especially when all the
conditions are met.