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The Fiscal Reality Behind the Borrowing
🚨 President Bola Tinubu has requested National Assembly approval for a $24.14 billion external loan, citing urgent fiscal needs.
🚨 Nigeria’s revenue shortfall is a key driver, as crude oil production has consistently fallen below projections, leading to budget deficits.
🚨 The government’s dollar revenue has declined, forcing Nigeria to seek external financing to cover essential expenditures.
Concerns Over Rising Debt
📢 Critics argue that Nigeria is heading toward a debt crisis, with public debt projected to exceed ₦182 trillion by 2026.
📢 Former Vice President Atiku Abubakar has condemned the borrowing spree, warning that Nigeria is being pushed into “debt slavery”.
📢 Since 2015, Nigeria’s public debt has skyrocketed by over 1,048%, raising concerns about long-term sustainability.
What’s Next?
⚖️ Will Nigeria’s economy recover enough to repay these loans without further borrowing?
⚖️ How will the government ensure transparency in loan utilization?
⚖️ Will the National Assembly approve the request despite public backlash?
💬 What’s your take on this borrowing plan? Drop your thoughts below! 🚀
