The Nigerian government continues to borrow money from the World Bank and from virtually every other country willing to lend without seriously considering the long-term damage this reckless approach could cause. This is deeply unfortunate and troubling.
The situation has now reached an alarming level. We are appealing to the government of Nigeria to rethink this habit of borrowing at every given opportunity. Failing to consider the negative effects of such actions will, in the long run, create severe problems for future generations including those yet unborn.
If these loans were being properly invested in projects that improve the country’s infrastructure, education, healthcare, or economy, then such borrowing could be justified. Unfortunately, Nigerians are not seeing visible results. There is little evidence of where these funds are going, and this lack of transparency has given the public every reason to question the government’s intentions.
It is time for the Nigerian government to explore alternative ways of generating income to run the affairs of the country, rather than continually sinking deeper into debt with the World Bank and other foreign lenders.
Source: Viewers Corner News