Aareonakakanfo of Yorubaland, Iba Gani Adams, has cautioned the Federal Government over the growing debt profile, saying the future of the country is bleak with the accumulation of debts.
Speaking in Lagos during the maiden edition of Egbe Festival, organised by the Olokun Festival Foundation, (OFF) Adams said Nigeria is already feeling the heat of the huge debt burden.
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He said, “Last week, President Muhammadu Buhari sought another $4bn loan. But it is unfortunate that the burden of several loans embarked on by the Federal Government is hitting hard on the ordinary citizens.”
“The loan request, according to the Federal Government, would be used for the Kano-Niger Republic rail project and others. The Federal Government had also argued that the rail line, when completed, would improve trade among Nigeria, Niger, and North Africa.
“But it must be stated that rather than improving the economic prosperity of the nation, the burden of the growing debt profile, and the amount incurred in servicing these loans would only add to the economic woes of the ordinary citizens.
“For instance, the Lagos-Ibadan road is a major road in the southwest region. But sadly, the road has been under construction for the past 12 years.
“This also applies to Lagos-Badagry road, yet the Federal Government is concerned about the Kano-Niger Republic railway, with little or no economic value. This is ridiculous, because it all amounts to gross misplacement of priorities and nothing more.”
He also attacked the Director of Publicity and Advocacy of the Northern Elders Forum (NEF), Hakeem Baba-Ahmed, over his recent comment that heaven would not fall if another Northerner emerges President.
According to him, the statement is capable of setting the nation on fire.
The coordinator of the OPC in Ibeju, Chief Muideen Atanda, promised to sustain the ideals of the group, stressing that Egbe Festival has come to stay in the town.
He maintained also that the festival had added much value to the economy of the ancient town.
