Daily Independent (Lagos)
3 November 2008
In the preceding articles in the above series in this column, we tried to draw the attention of our readers to the rapidly increasing national debt and the oppressively high cost of servicing. Indeed, we were concerned that in spite of a debt service burden, which will certainly exceed N400bn this year, there is virtually no major infrastructural development or significant contribution to the ...
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OUR DEBT ACCUMULTION WILL TURN OUT TO BE LIKE THE BAKASSI ISSUE.OUR NATIONAL ASSEMBLY DOES NOT ASK ANY QUESTIOON NOW UNTIL IT REACHES A NATIONAL DEADLOCK. WITH THE OIL BOOM,AND THE RESOURCES OF THE FED. GOVT. I DON'T SEE WHY WE SHOULD GO INTO SUCH A HUGE DEBT,ESPECIALLY IN THE HANDS OF THE COUNTRIES THAT HELD US HOSTAGE IN COLONIAL BONDAGE FOR DECADES.OUR LEGISLATORS SHOULD SCRUTINIZE THESE DEBTS.
Mazianyaog writes from USA.
Thanks to Daily Independent for bringing this issue up b4 we get carried away looking the other way while these undisciplined corrupt govt officials run up our debt-ratio- to-GDP again, as they did between 1980 thru 1998 when $5 Billion loans ballooned to $36 Billion debt due to Interests and Penalties because govt officials wanted renege on their loan agreement so the loan value burden could be passed on to & mortgage the future generation's economic viability. We should never forget to probe those rulers that presided over the debts between 1980 thru 1998 (namely Shagari, Buhari, Shonekan & Babangida) to account for their stewardship. To let them get away with this is to allow the fraud to occur again. Each administration should be responsible and held accountable for events that occurred while in office. No "sacred cows", says Waziri. We shall take her seriously when she brings those "sacred cows" (shagari, buhari, shonekan & babangida) to justice.