A Professor of Financial Economics, Prof. Ndubisi Nwokoma has warned President Muhammadu Buhari led government against external borrowing.
Nwokoma, Director, Centre for Economic Policy Analysis and Research, University of Lagos, gave the warning in reaction to plans by the government to approach China for a $17 billion loan. He told the News Agency of Nigeria that already, Nigeria’s capacity to service its debts was a challenge.“Nigeria’s borrowing history is not salutary and debt service payments, even now, have been putting significant pressure on revenue.The expert added that when debt service payments are growing at a faster rate than revenue and more borrowing are made, such could end in debt trap.
Minister of Finance, Zainab Ahmed, recently explained to the Senate Committee on Local and Foreign Loans why the Nigerian government approached China-Exim Bank for the loan.Related Topics:
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