It is shocking! Nigeria is borrowing another 819billion to tackle problems from the floods.Trying to rationalize Nigeria’s fiscal discipline sometimes is akin to rationalizing the greatest irrationality.
We keep sinking in a fiscal crisis due to unthinkable thinking.The government keeps making the argument that our debt to GDP ratio is within range but I ask does the GDP pay debt.
Our revenue is now at an all time low, we barely make anything tangible,the FIRS has pretty much bailed out Nigeria because the NNPC hardly remits to the federal purse.
The CBN has printed over 20 trillion now causing inflation and the government is now trying to securitize the loan at variance with section 38 of the CBN act.We have borrowed so much and now we are breaking our own laws of fiscal responsibility.
With over 40 trillion in debt, and a GDP of less than 200 trillion, we have run the nation aground and we have failed to develop the potential of over 200million people and kept over 133million in poverty.
We are currently paying subsidies of over 6 trillion, and next year we will increase the deficit to over 10 trillion but the excuse the government gives is of investing in infrastructure.We must remind them that infrastructure can be done without leaving debt for the future generations.
In 2023, We must get a leader that truly understands the economy and money management as Nigeria has now become a kite dancing in a hurricane
