Adams wondered why the Federal Government keeps borrowing without a clear-cut idea or plan for repayments of those loans.
“Last week, President Muhammadu Buhari sought another 4bn dollars loan. But it is unfortunate that the burden of several loans embarked on by the Federal Government is hitting hard on the ordinary citizens”
“The loan request, according to the Federal Government would be used for Kano-Niger Republic rail project and others. The Federal Government had also argued that the rail line, when completed, would improve trade among Nigeria, Niger, and North Africa,
“But it must be stated that rather than improving the economic prosperity of the nation, the burden of the growing debt profile, and the amount incurred in servicing these loans would only add to the economic woes of the ordinary citizens.
“For instance, the Lagos-Ibadan road is a major road in the south-West region. But sadly, the road has been under construction for the past 12 years.
“This also applies to Lagos-Badagry road, yet the Federal Government is concerned about the Kano-Niger Republic railway, with little or no economic value. This is ridiculous because it all amounts to gross misplacement of priorities, and nothing more.”