Duke expresses fear over Nigeria’s debts

NIGERIA’S indebtedness to China and other countries should be a source of worry to government and major stakeholders, presidential flagbearer of the Social Democratic Party (SDP) Donald Duke said yesterday.

Duke said it was sad that Nigeria might not function well under foreign loans.

The former Cross River State governor noted that the Federal Government was taking foreign loans because the interest rates were low.

He added that the nation could also regulate bank rates in the country to make credit cheaper and affordable for entrepreneurs to grow the economy.

Addressing reporters at the SDP headquarters after the national convention, Duke noted that the 30 per cent interest on loans made it hard for businesses to grow and generate employment.

He said: “Indebtedness to any nation is worrisome, not just China. The concept of independence is being able to stand on your own. You are not independent if you are indebted to other nations.”