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“Our political leaders have suddenly developed not just a taste for, but a voracious appetite for debt. As usual, most of such debts that are procured are hardly thought through. Predictably, ability to repay such debts is lacking”One recurring ugly decimal of Nigeria’s inexcusable economic paradox of the people’s pitiable poverty amidst abundant God-endowed resources is the ever-increasing debt profile, at both the state and federal levels.
For instance, as of July 8, 2021, the media was awash with the following headlines: “Fresh loan request pushes Nigeria’s public debt to over N35.5 trillion”; “Buhari gets Senate’s approval for N2.3tn foreign loan request”; “FG to fund N5.62tn deficit in 2022 budget with loans”; “Nigeria on debt precipice, spent N1.
Also, Kenya may soon lose its largest and most lucrative port, Port of Mombasa to its creditor after it defaulted in the repayment. This could force Kenya to relinquish control of the port to China.
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