TUC faults FG’s decision to borrow $1bn

The leadership of the Trade Union Congress has expressed
worry over the decision of the Federal Government to
borrow $1bn to prosecute the ongoing campaign against
insurgency in the North-East.
The President of the TUC, Mr. Bala Kaigama, said in his
Independent Anniversary speech, made available to our
correspondent on Tuesday, that it was disturbing for the
country to engage in external loans to funds projects.
Kaigama said while the TUC condemned in strong terms the
activities of the Boko Haram Islamic sect, it opposed the
decision to borrow $1bn purportedly to fund the raging
insurgency in the country.
He said the $1bn foreign debt could lure the country to yet
another debt trap not different from the ones in the past.
He said the tendency to go for foreign loan seemed to
indicate that the country had forgotten the inimical impact
of the burden of such debts on national development.
TUC said, “It is mind-boggling that we borrow to fund
projects in this country. Evidently, we have quickly forgotten
the huge external debt trap we were in until barely a decade
ago, plus the adverse consequences it had on both social
and infrastructural development in the country.
“Shall we now discard the relief that followed the negotiated
exit of the country from the claws of the creditors?
“Much as we find Boko Haram and its activities totally
reprehensible and look forward to the defeat of the group,
the Congress is averse to the Federal Government’s plan to
borrow $1 billion ostensibly to prosecute the anti-insurgency
war, for that could well ultimately lead to the country’s
ensnarement in another debt trap.”

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