Central
Bank of Nigeria, CBN, Governor, Mallam Sanusi Lamido Sanusi, 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 Honorary International Investments
Council (HIIC), in London, he warned of a great danger ahead if the
nation continued to live above its realistic means.
His
words: “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 two options to adjust yourself; Either check your expenditure or check
your wages.
He
urged the ruling class and the older generations to set good example and
educate the coming generations for a better and secured future. According to
him, such example should be set by not accumulating debt for future
generations to inherit.
“Where
would the future be for Nigeria, if today should be allowed to destroy the
future”, he queried.
Mallam
Sanusi was among the high-profile Nigerian delegation that attended the 13th
session of the Honorary International Investments Council (HIIC) of the
Council,which was held recently at Beckley Hotel in
Knightsbridge, Central London.
Source:
Vanguard
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