Former Vice-President of Nigeria, Atiku Abubakar has cautioned President Muhammadu Buhari over his administration’s plan to take more foreign loans.
Atiku stated this on Saturday while speaking at the Founder’s Day ceremony hosted by the American University of Nigeria in Yola, Adamawa.
The former vice-president said Nigeria under the Buhari administration more loans have been taken in the last three years than in the 30 years preceding 2016 and it is affecting the future investments of the country.
Buhari had on Thursday sought the re-consideration and approval of the National Assembly on the 2016-2018 External Borrowing Plan of the Federal Government.
“Two weeks ago, a friend of mine, Prof. Anya O. Anya, revealed that Nigeria has taken more loans in the last three years than she has taken in the 30 years preceding 2016.
“I am a businessman. Perhaps the first lesson one learns in business is that you do not take loans except it is to expand your business. There is no justification for taking out loans to pay salaries; meanwhile, you are not investing in your future generation.
“Nigeria’s greatness is not as tied to her elders as it is tied to her youth. That is where our investments should be focused on,” Atiku said.