Nigeria’s Debts Unsustainable, Says Ex-Senate Committee Chair

Hammed Shittu in Ilorin

A former Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Rafiu Adebayo Ibrahim at the weekend expressed concern over the country’s rising debt profile, saying it was unsustainable.

Speaking with journalists at Ojoku, his country home in Oyun local government council area of Kwara State, shortly after being honoured with a chieftaincy title as ‘Bobaselu of Erin-Ile’ by the Elerin of Erin-Ile, Oba Abdulganiyu Ajibola Ibrahim Olusokun 11, to mark his 80th birthday and 40th year on the throne of his forefathers, Ibrahim stated that, “the people are worried about the backlog of loans and the ones obtained since 2015 till date.”

Ibrahim noted that the country’s debts have increased astronomically since 2015.
“Such development has increased debt level profile of Nigeria from 2015 till date and this is unsustainable for overall economic stability of the country,” he added.

Nigeria’s debt profile according to the Debt Management Office (DMO) stood at over N38 trillion as at September 2021, representing a N5 trillion increase from the N33 trillion it was as of December 2020.

Experts had warned of a looming financial crisis as a result of the rising debt, a fear that government had allayed.

The former lawmaker who represented Kwara South senatorial district of the state during the 8th Senate added that, the continuous granting of such multiple loans would have serious effect on the future economic stability of the country.

He said: “Let me tell you as per loans, it is clear that the debt level of Nigeria as of today from where it was in 2015, is not sustainable. And I will not like to degrade the 9th Assembly but my belief is that the 8th Senate did not do the same way the current 9th National Assembly is doing now”.

Ibrahim added: “I am very certain that we were thorough during the 8th Senate as stakeholders were involved in the passage of bills into laws. I know that the 8th Senate had the conscience of the nation, we always digging it deep with collaboration of all sectors, private sectors, the regulators the civil societies organisations, international bodies before we passed any bills into law.”
On the expectations from his new chieftaincy title, the Bobaselu of Erin-Ile said it was a call for service.

He added: “I am very delighted and thank God Almighty and especially, I want to thank the Royal Majesty, Elerin of Erin-Ile, Oba Abdulganiyu Ajibola Ibrahim Olusokun for this honour and I thank him so much.

“I belief with this, it is a responsibility that I will bear and my family especially my political family led by the former Senate President, Dr. Bukola Saraki.

“The only thing for me is to let me continue with what I have been doing before. I always say it without mincing words that my politics, the person that I found to be mentor, his politics I learnt is about empathy to the people, passion for community development, sacrifice for the people.”
The former lawmaker however said that, he would recontest for the Kwara South senatorial district come 2023 so as to provide more good representation.