NANS against FG’s plan to access N750m, says basis for borrowing false

 NANS against FG’s plan to access N750m, says basis for borrowing false

By Modupe Shodeinde

The National Association of Nigerian Students has frowned on the Federal Government’s plan to access a loan of N750m from the World bank.

The students’ association expressed its displeasure in a statement jointly signed by the chairmen of NANS Zone D and its Public Relations Officer, Kazeem Israel.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, had disclosed on Friday the intentions of the Federal Government to borrow a loan of N750m from the World Bank to boost the economy in various states.

She added that the Federal Government was also considering the cause and consequences of civil unrest and COVID-19 across the country.

However, NANS has made known its displeasure on the plan of the government to access this loan.

The association said that the basis for borrowing is always false because the country has enough wealth to finance its developmental objectives.

“But, on the basis of capitalism, 80 per cent of the wealth of Nigeria is trapped in the hands of minority few which comprises of local capitalists and their imperialists masters.

“If there had been a judicious and democratic management of the wealth that belongs to us as a people, it is enough to finance our developmental objectives.” NANS said.

NANS objected that the borrowings and loans have become another conduit pipe for looting public resources.

It said that this was the reason why over the last 20 years, the enormous public debt once accumulated has not translated into any meaningful development in solving the problems in the nation.

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