Former Chairman, Senate Committee on Local and Foreign Debt, Shehu Sani, has said that he and his colleagues turned down a $30bn loan request from President Muhammadu Buhari.
He said that the action was aimed at averting a situation where the country would be recolonised by creditor banks.
He disclosed this in a statement on Friday in Abuja while reacting to the loan request submitted by President Buhari to the National Assembly.
Sani said the current escalation of borrowing would plunge the country into debt, slavery and move us from landlords to tenants.
He said, "They will always tell you that even United States is borrowing and I don’t know how rational it is to keep borrowing because another country is borrowing.
"We turned down the FG loan request for N30bn to save Nigeria from sinking into perpetual debt trap.
"We don’t want our country to be recolonised by creditor banks."