The Federal Government of Nigeria borrowed about $3.27bn from five countries between June 30, 2015 and September 30, 2022, according to documents obtained by The PUNCH.
The Bank of America recently said Nigeria’s local currency unit was set to weaken further next year as its current exchange rate to the dollar was well above fair value.
The Managing Director/Chief Executive Officer of Cowry Asset Management Limited, Mr Johnson Chukwu, said that high external debt would impose a huge debt service on the economy. The Chief Executive Officer of SD&D Capital Management, Idakolo Gbolade, cautioned the government on constant borrowing, adding that it should examine how it borrowed to save the unborn generation from unending debt.
A professor of Economics at the Olabisi Onabanjo University, Ogun State, Prof. Sheriffideen Tella, said there was a need for the government to change its orientation regarding borrowing. Reacting, the Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Olusola Obadimu, said that while recourse to loans is not entirely bad for any economy, the issue of accountability has often cast a doubt as to how effectively the Nigerian government channels funds obtained through loans.
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