Senate Committee Chairman on Foreign and Local Debt, Senator Shehu Sani has described the piling debt profile of African Nations as a new colonialism and new Slavery that African and other developing nations must be caution of.
Senator Sani who made the caution while delivering his speech at a retreat on Foreign and Local Debt organised by Debt management Office (DMO) and Senate Committee on Foreign and Local Debt held at the Princes Az Zahra Hotel in Minna Niger State; with a theme; “Processes and Procedures for external borrowing and settlement.
Sani who is also the Vice Chairman Senate Committee on Foreign Affairs stressed that “Debt is new colonialism and new Slavery. African countries and developing nations must thread with caution because the global politics and economics are now used to chain them and reverse their political independence and sovereignty.
He said “In as much as Nigeria and other developing nations need to borrow from local and foreign sources,we must be careful not to pile up debt for the future generations without commensurate and visible infrastructure and legacies to justify such liability.
According to him “Africa and indeed Nigeria is still in the obit of imperialist economic grip. Africa’s ruling political elite still live in the illusion that foreigners as foreign investors will still come and build and develop their countries.
Sani also warned that “If we continue to legitimize borrowing without caution,we will end up buried in debt.Each time a nation borrows,it morally part with a potion of its dignity until such loans are repaid.
“If we pile up mountain of debt without justification for it, our children will walk pass our graves covered with weeds. Foreign loans given to African states attached with political conditions which undermines their political independence and sovereignty should be outrightly rejected.
Senator Shehu Sani however concluded that “I have the confidence that PMB government will prudently utilize loans it secured on behalf of the country unlike previous Governments.
