Nigeria the "borrow borrow" country...once upon a time there was OBJ and Okonjo, now there is PMB and Adeosun

Then, Okonjo Iweala was Finance Minister while Obasanjo was President, Nigeria got debt relief from Paris Club, our external reserve was eventually shored up. It is noteworthy that it was the 'borrow borrow' attitude that led to begging for debt relief in the first instance

 Okonjo Iweala (L) and Obasanjo

Now, Kemi Adeosun is Finance Minister and Buhari the President. Nigeria is on a borrowing spree (as if there are no economic consequences).

Kemi Adeosun (R) and Buhari

Buhari is seeking the National Assembly's approval to borrow $5.5bn added to the country's increasing debt profile.

We have borrowed 'so te' (so much) that IMF through the Assistant Director, Fiscal Affairs Department, IMF, Mrs. Catherine Pattillo have sounded a note of warning to Nigeria and other oil exporting countries with rising foreign debt. She said that “the concern in a number of oil exporters is that unless there is action now, that debt, which has been rising in many countries, is a concern particularly because of the interest payments.

“So, if you have continuing rise in debt, the interest payments will rise, and then, it will consume a large part of any revenue that you collect and you won’t be able to use that revenue for the objectives of the economic growth and recovery programme, and increasing growth and employment..."

Our take on the matter

• If the rate of borrowing continues this way and these debts are not properly used, it is safe to say that sooner or later Nigeria will put on her 'beggie beggie' (beggerly) cap and start asking for debt relief again.
• How do we know? Because history has a subtle way of repeating itself.

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