Expending over 72% of the annual National revenue on debt servicing in one year, if not checked, could drive the country to the webs of debt trap of both domestic and external lenders with a consequential and virulent economic depression.
For Nigeria to achieve socio-economic sanity and abundance, the governments at all levels must collaborate in the fight against banditry so as to ensure security to lives and property. With unprecedented unemployment rate of 33.2% coupled with hyper-inflation hovering at 17%, Nigeria has been grouped among the most miserable nations with 50% misery index thus positioning her at number six on the global misery index chart.
Availability of friendly- interest rates’ regime for all levels of businesses has no option for the economy to thrive. This kind of monetary policy regime has always been put in place in many countries during periods of economic stress. The government should also take deliberate steps to resuscitate the defunct textile Industry through soft loans in addition to embracing backward integration in their production process to make them more competitive. This will mitigate the country’s reliance on oil proceeds that normally expose the economy to the vagaries of external shocks.Progressive taxation can help, if faithfully implemented.
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