It's caused by greed and selfish interest from politicians,
My question now is, the money they have been borrowing from other countries, what have they done with it? The answer is nothing,
This politicians go to an extent of using the country's (Nigeria) name to go borrow funds with a motive that they want to use it to mobilize, upgrade and help the economy growth of the country, and yet they will end up using it for their personal interest like buying cars, travelling for a tour, building estates and others for themselves..
Now what if the country they have borrowed money from needs their money back, whose gonna pay? I can't even imagine how Nigeria is so indebted to China, because of the huge loan that is supposed to be paid back to China...
Topic: Why is Nigeria government always borrowing funds (Read 57 times)
if it is about borrowing funds all countries borrow funds, just that since this APC regime the percentage of Nigeria borrowing money has increased since 2015 in 2015 Nigeria had a loan of about $7.3 billion under the administration of Johnathan, and around 2020 Nigeria had a total of debt of about $21.27 billion, despite the large loans there is no improvement in the affairs of the country even in our revenue generation even with the resources, all politicians are just after what they will get, politicians have finished this county we should have been the best but corruption has eaten deep.
Please I want to know if Nigeria is a rich or poor country, why am asking this is that the rate the government borrow money and funds the nation, the natural resources we have in the nation the leaders can not manage the economy of the nation without borrowing from other country like China, the dept index in Nigeria is very high why do we have to borrow funds in this country while we have all the natural resources, example natural crude oil,minerals, gold,iron,coco,palm, etc.i came to understand that Nigeria is a consuming nation not a productive nation no refinery is working, many country don't have as many natural resources I have mentioned but doing better than Nigeria look at united Arab Emirates country where thy don't have sea but a business center in Africa, Nigeria is under develope in all areas, such as roads, electricity, health care, education,production, human capacity development, fuel scarcity,naira scarcity, insecurity, etc, let's stop borrowing an be efficient if it is the policy or federal system of government that is the problems let change the system of government and bring in policy that will help the nation please I need your opinion.
Jump to: