A former Kaduna Central Senator, Shehu Sani, on Monday, August 28, said it is encouraging to learn that the federal government intends to stop borrowing from any local or foreign organisation.

The minister of finance, Wale Edun, recently revealed at the end of the inaugural federal executive council (FEC) meeting in Abuja that the current administration will seek to create a stable macroeconomic environment.

Reacting, Sani, a chieftain of the Peoples Democratic Party (PDP), challenged the present government to get Nigeria out of the “pit of the debt left behind” by Buhari's administration.

He wrote on his verified X handle: “It’s relieving to hear from the Finance Minister that the FG has ended borrowing from both local and international sources.

“Now the task is how to get out of the pit of the debt left behind by the Buhari regime.”

See his tweet below:

It’s relieving to hear from the Finance Minister that the FG has ended borrowing from both local and international https://t.co/tYwsI0pFRf the task is how to get out of the pit of the debt left behind by the Buhari regime.

— Senator Shehu Sani (@ShehuSani) August 28, 2023

FG borrowed over N300bn from citizens

In a piece of related news, Legit.ng reported that the federal government has extra cash that will help fund the 2023 budget deficit and other obligations.

Debt Management Office (DMO) has disclosed that it received a total subscription of N312.56 billion from local investors on Monday, August 14, 2023, following the August FGN Bond Auction.