VIDEO: Nigerians Condemn Incessant Borrowings, Want Next Administration To Look Inwards

Barely six weeks to the expiration of the Muhammadu Buhari administration, Nigerians have expressed displeasure over its management of the economy especially the humongous debt burden it is leaving behind.

The seemingly angry Nigerians said there is little or nothing to show for the billions of dollars the country has taken as loans from different categories of creditors in Europe and Asia since public infrastructure is dilapidated and poverty and unemployment are on the increase.

Speaking to ECONOMY ON THE STREET, the Abuja residents lamented the fact that the present administration has the highest public debt profile in the country’s history.

“There is absolutely no need for us as a nation to borrow, we simply have irresponsible leaders,” said one of the interviewees who declined not to mention his name

“We have been blessed with alot of resources here in Nigeria and we need to start working on how to use them internally to generate revenue to curb external borrowing.

“It is okay to borrow, other countries borrow as well but the difference is there is really nothing to show for these debts unlike other indebted countries,” another respondent said.

Majority of the respondents also admonished the incoming Bola Tinubu administration not to borrow too much but focus on expanding the internal revenue capacity of the country and diversifying the economy so that tourism, agriculture, mining, textiles etc will thrive.

ECONOMIC CONFIDENTIAL can report that the present administration met a public debt profile of N3.17 trillion in 2015 and has been projected by the Debt Management Office (DMO) to hit N77 trillion by the end of the tenure on May 29.