News
Stop External Borrowing, Expert Warns Buhari

A Professor of Financial Economics, Prof. Ndubisi Nwokoma, has warned President Muhammadu Buhari-led government against external borrowing.
Nwokoma, who is the director, Centre for Economic Policy Analysis and Research, University of Lagos, gave the warning in reaction to plans by the government to approach China for a $17billion loan.
He told newsmen, yesterday, that already, Nigeria’s capacity to service its debts was a challenge.
“Borrowing would be relatively harmless if it is tied to projects and are efficiently managed.
“Nigeria’s borrowing history is not salutary and debt service payments, even now, have been putting significant pressure on revenue.
“Nigeria is in a debt trap and should be cautious in procuring more debts,’’ Nwokoma said.
The expert added that when debt service payments are growing at a faster rate than revenue and more borrowing are made, such could end in debt trap.
It would be recalled that the Minister of Finance, Zainab Ahmed, had recently explained to the Senate Committee on Local and Foreign Loans why the Nigerian government approached China-Exim Bank for the loan.
She said the fund would be used for infrastructure development healthcare and education projects.
Meanwhile, the Federal Government depleted the Excess Crude Account by $253.1million between January 16 and February 19, analysis of figures from the Federation Account Allocation Committee, has shown.
As at the end of the FAAC meeting on January 16, the amount in the ECA was put at $324.96million.
However, at the end of the FAAC meeting, last Wednesday, the balance in the ECA, according to a statement from the Office of Accountant-General of the Federation, was put at $71.81million.
The ECA, which was created by former President Olusegun Obasanjo in 2004 for the purpose of saving oil revenue in excess of the budgeted benchmark, had a balance of $20billion in January, 2009.
News
Group Doles out N13m To Market Women In Isiama
News
Fubara’s Return Excites NCSU … As Hope Rises For Civil Servants
News
NDDC Organizes ADR Capacity Building for Staff
-
Sports4 days ago
CAFCL : Rivers United Arrives DR Congo
-
Sports4 days ago
FIFA rankings: S’Eagles drop Position, remain sixth in Africa
-
Sports4 days ago
NPFL club name Iorfa new GM
-
Sports4 days ago
NNL abolishes playoffs for NPFL promotion
-
Sports4 days ago
NSF: Early preparations begin for 2026 National Sports Festival
-
Sports4 days ago
Kwara Hopeful To Host Confed Cup in Ilorin
-
Sports4 days ago
RSG Award Renovation Work At Yakubu Gowon Stadium
-
Politics4 days ago
Rivers Assembly Resumes Sitting After Six-Month Suspension