Senator Binos Yaroe of Adamawa South District has condemned Federal Government’s plan to take another loan.
He said that by its excessive borrowing, the Federal Government is mortgaging the future of Nigerians.
Yaroe who spoke to newsmen at his residence in Yola, said efforts by him and other senators of the Peoples Democratic Party (PDP) to stop the decision failed.
“All the arguments we raised for the leadership of the Senate to rescind the retrogressive action fell into deaf ears,” Yaroe said.
The senator added, “Year in year out, this country has been living beyond its means, presenting deficit budgets. From one year to the next, we have been engaging in large scale borrowings to fund the budget deficit.
“This is of great concern because whatever the justification for borrowing, what it means is that the present generation of the leadership in the country is mortgaging the future of our children, the future of our grand-children and their grand-children.
“We are using the resources of the future to live today and to maintain our lifestyles today. And the disturbing thing is that much of the budget is always dedicated to recurrent expenditure and recurrent expenditure is generally to maintain service, not to create any further development.
“So, it now becomes difficult for the country to pay this mounting debt in the future.”
Yeroe said it is even more sad that the monies being borrowed are used in maintaining the lifestyles of people in power instead of carrying out capital projects that will add value to the lives of all Nigerians.
Sen Binoes Yaroe faulted the way the Federal Government is handling issues of corruption, stressing that the government has failed to logically prosecute its touted anti-graft war.
“If the government is serious, it could have recouped trillions of stolen monies to fund its budget deficit of over N6 trillion in the 2022 budget,” he asserted.
Why FG won’t stop borrowing from other countries – Finance Minister, Zainab Ahmed
Borrowings: FG mortgaging Nigeria’s future – Sen Yaroe
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