Nigerians in the Diaspora through the Global Coalition for Security and Democracy have concluded plans to protest the continued borrowing by the Nigerian Government.
According to the group, the country could be economically colonised if the rate of borrowing continued.
Delivering a broadcast via Youtube, Coordinator of the group, Frederick Odorige, stated that Nigeria was now like a frog being boiled alive slowly by politicians in the name of debts.
He said, “Those that are in a hurry to borrow today may not be alive when the present and future generation will suffer for it.
“This is sadly so because those behind the borrowing will steal part of the money and hand them over to their children while the majority will continue to suffer.
“We must avoid economic colonialism by learning from countries that partly surrendered their sovereignty as a result of debts.
“We must avoid debt trap diplomacy before the Nigerian Government uses all of us as collateral.
“Debts are expressions of Western anxieties more than Nigerian or African reality. We must rise up now before we lose our national airports and oil wells to creditors.
“After writing off our $18bn debt by the Paris Club in 2005, unfortunately, our government went back to borrowing, with little or nothing to show for what was borrowed.
“Loan is good only when we see what the money was used for.
“We are currently indebted to the tune of over $81bn and the borrowing continues and this is clearly as a result of mismanagement and corruption. We are borrowing to finance our national budget.
“Some persons that were indicted for various corruption cases have been appointed by the current governments as Ministers. These are the same persons that will manage that fund.
“We shall petition the World Bank to thoroughly investigate this allegation of quid pro quo.
“The protest shall commence from 10:00am Eastern time, December 6, 2019 at the World Bank premises in Washington.”