First I must confess that there is absolutely nothing wrong or untoward with borrowing from responsible creditor with transparent repayment terms provided that the borrowed sum of money would be reinvested into profitable ventures and projects that will yield back the borrowed sum and yield greater profit for the debtor and the citizens.
Also in our early days at the high school just before Babangida kicked out the then military ruler Major General Muhammadu Buhari and set up his Armed Forces Ruling Council, General Buhari’s administration also brought about the AUSTERITY PROGRAMME during which it was tough getting the basic necessities of life from the super markets due to inflationary trends and unplanned national economic development.
“The Paris Club creditors have proposed an unprecedented operation—its first-ever buyback at a discount—that would cancel all of Nigeria’s debt to them in exchange for a cash payment of roughly $12 billion.” The prolific writer Mr. Reno Omokri who was a Special media Aide of President Dr Goodluck Jonathan made the same point which stands incontestable when he wrote as follows: “Ex President Jonathan left General Buhari $2.07 billion in the Excess Crude Account on May 29, 2015. Today, only $71 million remains. He left almost $3 billion in the Sovereign Wealth Fund. TodayBuhari has drained it. Buhari increases our foreign debt from $7 billion to $27.3 billion.
The hard fact about the current ministry of funance and budget is that the main source of revenue generation which is the Crude oil sector has been badly managed so much so that it has recorded yearly deficits and losses since 2015. She said the amount is in the form of concessional funding to support the implementation of the 2020 budget.
Following the Executive Board’s discussion of Nigeria, Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair, issued the following: “The authorities’ immediate actions to respond to the crisis are welcome. The short-term focus on fiscal accommodation would allow for higher health spending and help alleviate the impact of the crisis on households and businesses.
A researcher at the Michael okpara University of Agriculture authored a beautiful work titled; “Management Dynamics in the Knowledge Economy Vol.7 no.3, pp.291-306; DOI10.25019/MDKE/7.3.01Interestingly, this scholar observed that foreign debt has remained one of the major challenges facing low-income nations like Nigeria due to the constant budget deficit, unfavourable balance of payment and most importantly the inevitable need for industrialization.
This is very accurate and authentic as I read in between lines. Nigerians should rise up and say NO to all these corrupt practices rising on daily basis.I won't be surprised to hear one ugly story that wl set an end to this borrowed money.
I believe you, and I support the loans with strict guidelines attached to its spending. Most of these loans are not coming in cash, it will be given by helping Nigerian govt to spend it on specific projects they wish to spend them, so that they are not embezzled by the parasites
I swear no way in hell I'm Collecting loans is my life by the Grace of God again.
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