Lagos-- Central Bank of Nigeria, CBN, Governor, Mallan Sanusi Lamido, has warned the Federal Government to stop accumulating debts for future generation by reducing its current levels of borrowing.
He said the current level of borrowing if unchecked, would result to unmitigated hardship for future generations.
He urged the Federal Government not to allow the present and unborn generations inherit the heavy burden of foreign debts, cautioning that Nigeria currently under the suppressing weight of the heavy burden of foreign debts, is in great danger.
Speaking at the just concluded conference of honorable international investments council (HIIC), in London, he warned of a great danger ahead if the nation continue to live above its realistic means.
His word: "We are borrowing more money today at a higher interest rate while leaving the heavy debt burden for our children and grandchildren. For example, if you receive your salary and everyday the money is not enough, you have to adjust yourself; Either check your expenditure or check your wages.
He urged the ruling class and the older generation to set good example and educate the coming generation for a better and secured future.
According to him, such example should be set by not accumulating debt for future inherit. "Where would the future be for Nigeria, if today should be allowed to destroy the future" he queried.
Mallan Sanusi was among the high-profile Nigerian delegation that attended the 13th session of the Honorary International Investment Council (HIIC) of the council, which was held recently at Beckley Hotel in knightsbridge, central London.
The Honorary International Investments Council (HIIC) is a cross-country organization of prominent investors, drawn from various countries around the world with the task of advising and encouraging government on economic development issue as concerned nations, especially the fast growing economies in the world.
The business conference session had vice president Namadi Sambo leading a strong team of economic planners and policy makers teaming up with business executive to canvas international investors for the country.
The conference looked into the best ways of attracting investments to Nigeria and all speakers had the consensus that the nation with many opportunity and natural resources stands to grow faster economically, if the current trend of economic progress was sustained.

Always trying to sound smart. As a member of the federal government's economic team, he's meant to issue this advice to the president, not brag in London.

Mr Sanusi is on point here, this present govt is desperate to do something and loot at the same time and they therefore turned to borrowing, and this ll put our future generation into slavery and servitude, May God save Nigeria from Enemies Within

Sanusi is saying what everyone knows. The present finance minister should know better since she's the one who got us out of a recent debt mess.

Mr. Sanusi, part of the debt were money you requested to fund the now moribund, clueless and directionless AMCON you midwifed to take over the bad debts of the so-called rescued and distress banks, Consequently you dont posses any moral authority to advise the FG.

J12: Always trying to sound smart. As a member of the federal government's economic team, he's meant to issue this advice to the president, not brag in London.

By this time last year the guy was in the struggle of removing fuel subsidy but thank God he end this year by asking govt to stop accumulating debts for future

Politically he supposed to work with Mr president since he's part of the so called economic team, after all he is part and parcel of the govt his is criticising in public. He's advice is destabilizing the govt and the polity