UNFAZED by public dismay and the admonition of experts, the President, Major General Muhammadu Buhari , with the enthusiastic support of the National Assembly, is plunging Nigeria deeper into debt at a reckless rate. His latest lunge for external borrowing hit a benumbed public, via a request to the pliant parliament for approval to borrow another $4.05 billion and €710 million in external loans.
Experts say a large debt encourages inflation, and if inflation is high, the debt will be serviced, and ultimately, paid off with cheaper naira. Equally exasperating is the vigorous support of the parliament for his debt addiction. Lawmakers treacherously fail to subject loan approval requests to rigorous scrutiny or caution. They do not exercise effective oversight over revenue-generating agencies despite reported massive leakages and unremitted income.
Within days, rather than prepare to scrutinise the request, the Senate, through the chair of its committee on media and public affairs, Ajibola Basiru, was defending the loans and dismissing public apprehension. He argued that the loans were not new and were justified since they would fund “critical infrastructure and prepare our country for the future.” This assertion and Buhari’s premise of job creation are hotly disputed.
As this newspaper and leading economists have repeatedly argued, debts can be useful when taken with caution and applied judiciously to fund critical infrastructure; applied to projects that can generate revenue to repay or used in the short term to stimulate a flagging economy and revive productive, job-creating and export-boosting activities. Borrowing to fund consumption and bureaucracy, however, is particularly unwise.
Please 🙏 sir We use our hero's past blood and suffering beg...
I won't be surprised to hear that Buhari didn't even know about most of these loans. These loans are d handiwork of Malami and Amaechi most times. They are taking advantage of Buhari's dementia, these 2 musketeers might tell him it is for fertilizer and a rail to Niger Republic.
Una dey waste una time this man will borrow again before the end of this year and lawan will read letter then approve how can one stop when one doesn't know simple mathematics ,this is why restructuring is the only way to go so that the likes of buhari will never be HOS
It’s called conspiracy of the ruling class!
The blame should be on the National Assembly. Reason i keep hammering we don’t need such useless Assembly. We are better off!
If you want to stop the reckless borrowing, then take the lenders to International court for reckless lending leading to state capture! NGRSenate channelstv vonderleyen RepBarbaraLee ewarren UrugwiroVillage _AfricanUnion Africa
Buhari yé yá owó niya-kuya YourYorubaHumanTranslator
The funny thing is the way they are quick to approve it.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MobilePunch - 🏆 8. / 63 Read more »
Source: MobilePunch - 🏆 8. / 63 Read more »
Source: MobilePunch - 🏆 8. / 63 Read more »
Source: MobilePunch - 🏆 8. / 63 Read more »
Source: MobilePunch - 🏆 8. / 63 Read more »
Source: MobilePunch - 🏆 8. / 63 Read more »