The Trade Union Congress (TUC) and the Civil Rights Groups asked the Federal Government to stop foreign borrowing forthwith.

The TUC, in a statement by its President, Mr. Bala Kaigama, said that there was no justification for the rising debt profile.

He also cautioned the Federal Government to check its resort to foreign loans before the future of Nigeria is once again mortgaged to foreign creditors. He also said that Nigeria celebrated with fanfare the external debt exit in 2005 under the regime of President Olusegun Obasanjo, by December 2010, the external debt portfolio rose to $4.78bn.

 And the Civil rights group who blasted the Federal Government for the rising external debt, which the Debt Management Office put at $9.38bn

The Trade Union Congress, and other groups warns against corruption.

 “This is very unfortunate more so when the impact of the foreign loans are not being positively felt by the generality of the citizens.

“Nobody should be carried away by the argument that the country’s debt stock is still less than 26 per cent of the GDP, the so-called international standard. The fact of the matter is that the country went through hell when its debt stock was about $35bn. We should, therefore, be concerned that we are going back to where we were before.”

According to the TUC president, although the DMO stated that part of the loan was injected into the power sector, there is nothing on ground to show that electricity supply has improved.

The TUC President recalled that the Minister of Power, Prof. Chinedu Nebo, had stated that Nigeria was generating 3,800MW for about 170 million population.

He added that experts estimated that Lagos State alone needed about 15,000MW.

The TUC President also faulted the claim by the Director-General of the DMO, Dr. Abraham Nwankwo, that part of the loan was used to finance road construction projects, including the Abuja International Airport Road that had not been completed for years.

He urged the labour groups, the civil society groups, and other well -meaning Nigerians to ensure that the Federal Government stopped further foreign borrowing forthwith.

Many other Civilian condemned the rising debt profile in the face of the depleting nation’s foreign reserve.