Economic experts have said Nigeria cannot continue on the path of indebtedness amid incompetence and inefficiency. The economic analysts were reacting to
Economic experts have said Nigeria cannot continue on the path of indebtedness amid incompetence and inefficiency.
Certainly, for a country struggling on all fronts, a N77 trillion debt if the National Assembly approves President Muhammadu Buhari’s 23.7 trillion Ways and Means advance, according to the Debt Management Office, DMO recent statement, should raise dust. He stated that the budget deficit is causing Nigeria double digit inflation and depreciation of naira.
“The deficit financing has consistently weakened the Naira and has led rating agencies to downgrade Nigeria’s credit rating, thereby affecting flow of investment opportunities and ability of the private sector to source funding from foreign institutions. “Continuous deficit spending by the government would leave the government unable to undertake key social and infrastructural projects in the long run”.
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