Nigeria’s endless borrowing against experts’ warning | The Guardian Nigeria News - Nigeria and World News

The precarious state of Nigeria’s public debt was re-echoed recently by eminent economic experts across the continent. This cry coming from renowned experts appears to be what the country needs at this time of economic emergency to hopefully, convince the policy makers in Abuja to take a different path in the management of the Nigerian economy.

At the African Development Bank Group 2021 Annual Meetings, the Director-General of the World Trade Organisation and ex-Minister of Finance, Dr. Ngozi Okonjo-Iweala, the President of the African Development Bank , Dr. Akinwunmi Adesina and the Governor of the Central Bank of Egypt , Tarek Amer among other regional economic stakeholders, expressed concern about rising national debts in Africa, warning that most African countries face a high risk of falling into a debt trap.

Data emanating from the National Bureau of Statistics , the Debt Management Office and the International Monetary Fund among others, indicate that total public debt in Nigeria grew from about N12.1trillion in May 2015, to N17.36 trillion in 2016, N21.72 trillion in 2017, N24.38 trillion in 2018, N27.4 trillion in 2019 and presently over N33 trillion in 2021.

The alarm raised by Okonjo-Iweala that Nigeria could still fall into another debt trap is worrisome. She asserted that with a higher debt carriage capacity comes a higher risk of distress and that ignoring debt sustainability would be a clear case of exposing the economies to systemic risks particularly when many of the African economies are on a downward economic path.

Finally, alongside the way forward proffered by these two eminent Nigerians, the ray of hope raised by Tarek Amer, the governor of the bank of Egypt on the way out of this recurring mess needs to be heeded.

I don't mind the borrowing its what they use it for and how they pay it back

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