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Ekiti State Governor, Mr Ayodele Fayose has urged the Senate President, Senator Bukola Saraki not to join President Muhammaud Buhari-led federal government in ruining Nigeria by supporting the request for external loan of $29.96 billion.
In a release issued by his Special Assistant on Public Communications and New Media, Lere Olayinka, Governor Fayose asked; “what is the economic sense in taking over N12 trillion loan so as to be able to spend more money during economic recession? How can a nation be proposing to spend more money when its income has reduced considerably?
“Yes, it is being argued that nations in recession must spend to get out of recession, but in the case of Nigeria, how do we pay back when as at today, 30 percent of our income is being used to service debt? What will happen to our economy when over 60 percent of our income is being used to service debt?”
He said the Senate must be mindful of the reality that “many States in Nigeria are unable to pay workers salary now because of the huge debt left behind by past governments.”
In a release issued by his Special Assistant on Public Communications and New Media, Lere Olayinka, Governor Fayose asked; “what is the economic sense in taking over N12 trillion loan so as to be able to spend more money during economic recession? How can a nation be proposing to spend more money when its income has reduced considerably?
“Yes, it is being argued that nations in recession must spend to get out of recession, but in the case of Nigeria, how do we pay back when as at today, 30 percent of our income is being used to service debt? What will happen to our economy when over 60 percent of our income is being used to service debt?”
He said the Senate must be mindful of the reality that “many States in Nigeria are unable to pay workers salary now because of the huge debt left behind by past governments.”
