R
Rachel Okporu Fadoju
Guest
A former House of Representatives member, Dachung Bagos, has asserted that the level of borrowings by the Federal Government is dangerous to the country.
Naija News reports that President Bola Tinubu recently sent the National Assembly a ₦1.77 trillion ($2.2b) loan request.
Days after the move, the Senate approved the request, prompting questions from many Nigerians, including Bagos, who represented Jos South/Jos East.
In an interview on Thursday’s edition of Channels Television’s Politics Today, the former lawmaker questioned FG about the borrowing and wondered how the country would pay back.
Bagos said the country’s borrowing ratio is getting high and believes that with the tax reforms by President Tinubu, which are expected to come into full swing next year, Nigerians may be burdened.
He said, “You are collecting loans, where are the templates? What are the templates for repayment of those loans? We are not a producing nation. We are not industrialised. We are not an exporting nation,” he said on
“So, a lot of issues are wrong with our loans. You borrow to take breakfast, borrow to take lunch, borrow to take dinner every day, borrow to pay your children’s school fees, borrow to do every single thing. How are you going to pay those loans?
“Today we are talking about the tax reforms which means there are going to be more tax burdens on Nigerians from next year.
“From my last calculation, our borrowing ratio is almost getting to 10% per year or biannually. So, if we are getting to that level of almost 10%, it is very dangerous to us as a country.”
The post ‘This Is Very Dangerous To Us’ – Ex-Reps Member Berates Tinubu’s Govt Over Borrowings appeared first on Naija News.