Governor Ayodele Fayose of Ekiti state has accused President Muhammadu Buhari of planning to mortgage the future of Nigeria.
According to him, Nigeria has a little about $2bn in the excess crude account and about $22bn in the foreign exchange reserve. Hence, Buhari’s plan to borrow $30bn will definitely put Nigeria’s future in a huge debt.
“Propaganda Isn’t the truth, APC is running this country through propaganda. $29bn is the amount Buhari met in the foreign reserve, Excess crude account was over $2bn. Now foreign reserve has dropped to $24bn. I am against them borrowing about $30bn that will leave us indebted perpetually.
“I am against any government borrowing beyond its tenure,” he said.
“To borrow is not the issue, managing it is it, if we borrow $30b to fund 2017 budget, how much are we going to borrow to finance 2018 budget,” he queried.
He spoke during a radio program in Ibadan on Monday after a meeting with south-west governors.
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