Lagos — 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.
The Honorary International Investments Council (HIIC) is a cross-country organisation of prominent investors, drawn from various countries around the world with the task of advising and encouraging governments on economic development issues as concerned nations, especially the fast growing economies in the World.
The business conference sessions had Vice President Namadi Sambo leading a strong team of economic planners and policy makers teaming up with business executives to canvass 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 opportunities and natural resources stands to grow faster economically, if the current trend of economic progress was sustained.
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Well said Mr Sanusi. I'll strongly advise Jonathan and his team to open up their eyes and brain to listen and learn how to run a nation and get it out from economic ruin from Obama, a young Afican American and his well versed wife . I remember Obasanjors promise when he was being sworn in as Nigeria's President in preceding his last excursion to ASO ROCK and I quote "If Mandela can do nit for South Africa, I will do it for Nigeia " Unfortunately he did it for himself by extending the culture of "loot and run". That Jonathan became an unwilling messanger as citizens begin to close the noose is the reason for soar relationship we now see between them is not far to explain . Obasanjo have been a known vengeful demagogue we all know , that was too apparent during the Abiola and Ibrahim Babangida saga folowing the annuled national election prior to his death. Nigeria leaders have reference points to take leadership examples unless the addiction to corruption and citizen apathy take over the resolve to learn . Citizen anger is on the rise as most of these crooks in the government are begining to forecast. Imagine Obama's resolve to bring his nation back to economic reform , every aspect of the nations life is under scrutiny. Borrowing is out of the question . For the first time in American history I've heard the huge and ernomous wealth of Religeous coporations coming under prism for taxation. How ingeneous. This American regime under Obama awe every political , social and econonmic planner in the history of national reform . The road map in that nations economy is visibly defined, getting there is a matter of when . If America have realised the utopian theory of borrowing to effect meaningful reform, where is this cocept leading our nation into , perpetual slavery in which all of oil and the future of the youths will be mortgaged forever, and the total national wealth will by default willed to family and children of those who've robbed the nation to death . You have just one chance, support and listen to this God sent CBN governor or remain with endless culture of poverty for ever. Most nations in the West went through the developement route years ago , the distribution of wealth today was the outcome of their actions then . In Great Britain for example , there's overwhelming economic gap and inequality of 8.2 eqillibrum . This translate 2% of the population controlling approx. 80% of nations wealth. This gap was narrowed according to economic historians by the presence of Labour run governmets each time such regime change come into power . Sooner or latter petroleum will cease to be the black gold as the commodity become available everywhere , and the heralded American supply begin to hit the market. Where will our nation be at that time ? This is what part of doing nothing now will be. It is amazing we have CBN Governor from the North work so honestly to take on the peole's fight to the regime of loot and plunder.