The  Global Initiatives for Good Governance (GIGG) has condemned the plan by the Federal Government to borrow an additional N2 trillion from China.

The group in a statement by its Director-General, Dr Emeka Kalu said that the plan by the government would further push the country into more debts without proper use of the previous ones borrowed by the government.

The statement further hinted that the level of borrowing by the government was not ideal in a modern society where fiscal federalism should have been given a viable opportunity to thrive.

Kalu insisted that further application for borrowing was a way of foreclosing the economic strength of the nation, which it said may likely retard the development speed that could have been enjoyed if fiscal federalism had been in place.

The statement emphasized that billions of naira had been spent on the construction of rails linking Nigeria and the Niger Republic and Kano Federal road by the government, warning that additional borrowing would collapse the nation’s economy.

The group insisted that refunds from the Paris Club and recovered loots from indicted looters were enough to successfully run the country and wondered why the government was bent on borrowing at this time.

The statement added: “It is baffling and ridiculous while this present government finds joy in borrowing money while Nigeria has diverse sources of generating revenues that could sustain the nation for the next 500 years if not the mismanagement and mindless looting plaguing the treasury base of the nation.

“Global Initiatives for Good Governance unequivocally reiterates that there is no need for external borrowing any further, seeing that the outstanding debts are already dangling heavily on the neck of the national economy.”