The forum noted that the careless borrowing has plunged the country into uncontrollable debt profile with over 80% of normal appropriation spent on debt servicing.
The forum regretted that Nigeria’s current debt of over N36 Trillion Naira has become unsustainable compared to the nation’s earnings and GDP and warned against subjecting the future generations to undue debt burden. “Money should only be borrowed for productive purposes as Nigeria’s current debt of over N36 Trillion Naira is becoming clearly unsustainable relative to our earnings and GDP. We should not saddle incoming generations with undue debt burden.”
The communique added, “a situation where CBN creates money, decides how much of it to spend, on what to spend it on without any form of controls or supervision is patently subversive of our constitutional order. It has become not just a LEVIATHAN, but also a father Christmas of sorts, dabbling into every sphere and scope of governmental activity, not just as a lender of last resort, but as a full executing agency of government.
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