Viable alternatives to Nigeria’s perpetual borrowings - Punch Newspapers

When the National Assembly resumed from its two months’ annual vacation last Tuesday, September 14, 2021, the lawmakers were greeted with a request by the President, Major General Muhammadu Buhari , for approval of another external borrowing. According to a media report, President Buhari is said to be seeking the approval of the National Assembly to borrow fresh sums of $4,054,476,863 and €710 million in an addendum to the 2018 – 2020 borrowing plan.

“The Distinguished Senate President may recall that I submitted a request on 2018 -2020 borrowing plan for the approval of the Senate in May 2021. However, in view of other emerging needs and to ensure that all critical projects approved by FEC as of June 2021 are incorporated, I hereby forward an addendum to the proposed borrowing plan.

On the flip side, Nigeria, though the acclaimed biggest economy in Africa, has very weak economic fundamentals. The country is neither an industrialised country nor high in innovation or technology. While our debt to Gross Domestic Product may be safe and tolerable, our revenue to GDP is nothing to write home about. We are a consumptive and not a productive economy. That’s what makes the difference between us and many of the top 20 economies.

Adesina said Buhari is teaching other world leaders global economics epslly those he keeps borrowing from abeg I want see the lecture video

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