The Senator representing Borno South Senatorial District, Ali Ndume, yesterday warned the executive and the legislature over what he described as excessive borrowing stating stating that even though it is not a crime, Nigeria must be cautious in taking it.
The APC Senator who decried the increasing requests for loans by the executive arm of government and expeditious approval by the National Assembly, said the situation is worrisome.
Ndume stated this while speaking with Senate Correspondents at the national assembly.
He said Nigerians are now suspicious of the federal lawmakers for expeditiously passing loan request and have tagged them rubber stamp.
According to him, some of such requests hurriedly approved in the past, are even yet to be granted.
He explained further that in as much as loans or borrowings are required by government to address the problem of infrastructural deficits facing the country, such loans should be cautiously considered in the face of debt servicing getting to 80 or 90%.
He said: ” Borrowing is not a crime but when the rate of debt services increases which I understand is getting to 80% to 90% you have to be cautious, you have to look for alternative.
“The are some loans that are not just absolutely necessary,there are some that can be delayed there are some that can be negotiated or renegotiated in terms of conditions attached to them. I think this is what the media should analyse and see whether it is necessary.
“We have infrastructural deficit in this country and all we hear is that when people come to Abuja and allocation is made you don’t see anything happening, for me, is better to borrow that money and do the road instead of giving it out for people to collect it and go and spend it without accountability .
“What I am worried about again is the way the Senate is handling it. The Senate by definition is house of deliberation, when things like this come we don’t just rush and approve it.
“Such requests supposed to be looked at critically by crossing the Ts and dotting the Is, ask questions, carry the people you are representing along and not sit down here in the National Assembly carrying out expeditious approvals which make the people we represent look at us with suspicions.
“They call us rubber stamp because we don’t carry people along . We rushed to approve certain Borrowings which up till now , not granted by targeted creditors” .