Labour leaders have questioned the rationale behind the Federal Government’s plan to borrow $7. 9 billion when its key officials maintained that Nigeria was not broke. In separate interviews with the News Agency of Nigeria (NAN) in Lagos, the labour leaders urged government to block all leakages to ensure that the loan was judiciously used.

Mr Sunday Salako, President, Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI),  told NAN that Nigeria was not poor but bedevilled by corruption. He said that that the proposed loan was worrisome because key officials had said that the economy was healthy and not threatened by global financial crunch.

“We do not have any reason to borrow. With the money we have and budget earlier. If the N1.3 trillion discovered in the subsidy scam is used, it will help to

resuscitate the economy,’’ Salako said. He advised the government to block leakages to curb the endemic corruption affecting various sectors of the economy.

Mr Bede Opara, President, Senior Staff Association of Electricity and Allied Companies (SSAEAC), said that the proposed loan would have long term effect on the economy if the money was not judiciously used. He urged the government to institute a policy that would ensure that any money borrowed was used for its purpose.

Mr Tunde Abdulrahaman, President, Food, Beverage and Tobacco Senior Staff Association (FOBTOB), said that government should have used available funds to execute these critical projects rather than borrow. He said that government should be sincere to ensure that the money borrowed was used for the projects.