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.