RISE IN NIGERIA’S TOTAL PUBLIC DEBT FROM N27 TRILLION IN JUNE 2020 TO N32.2 TRILLION IN DECEMBER 2020 GENERATES REACTIONS
Written by miebaka ikiriko on March 17, 2021
The rise in Nigeria’s total public debt from N27 trillion in June 2020 to N32.2 trillion in December 2020 is generating reactions from the public.
An Economist in the State Fidelis Donatus told our Correspondents Gift Green and Franca Oyegbe that borrowing money for capital projects was not wrong as money was required to fund the critical sectors of the economy such as education, railway, roads, agriculture and health facilities.
He however frowned at borrowing money for recurrent expenditure, and advised the government to block the leakages in the system to conserve funds.
Other respondents expressed worry that the monies borrowed were not used to establish industries to provide employment for the youths or repair the nation’s refineries.
They urged the government to stop taking unnecessary loans so as not to jeorpadise Nigeria’s future.
The debt management office had revealed that Nigeria’s total debt stands at thirty two trillion Naira.