A legal luminary, Chief Afe Babalola, SAN, has raised an objection to the Federal Government’s plan to borrow more money to fund some projects.

Babalola made his position known in Ado-Ekiti on Wednesday during the conferment of an award on him by the Institute of Chartered Accountants of Nigeria.

The lawyer, who is also the founder of Afe Babalola University, Ado-Ekiti, lamented that corruption had crippled the country and that the extra money to be borrowed would give corrupt officials more opportunities to loot the treasury.

President Goodluck Jonathan had recently asked the Senate to approve $7.9bn for pipeline projects under the 2012-2014 External Borrowing Plan.

The Debt Management Office had on Tuesday during a meeting with the House of Representatives committees given an indication that the country’s total debt profile might hit $25bn by 2015.

But Babalola said, “Nigeria has no reason to borrow a kobo. We know how much money we make from oil apart from the one stolen on the sea. Borrowing will continue to undermine the development of Nigeria.

“The government continues to borrow money for the future generations and you (Nigerians) do not cry out. Despite the huge debt profile of the country and the money made from oil, the railway system does not exist anymore, roads are very bad and education is not well funded.”

http://www.punchng.com/business/money/afe-babalola-opposes-fgs-plan-to-borrow/

This foreign debths issue is coming up again The govt should pls make do with what we have, at least to save us some international embarrassment