Nigeria: Till Debt Tears Nigeria Apart

14 October 2016
opinion

From all indications, management of debt rather than wealth has taken the front burner in all tiers of government in Nigeria. This is indeed a sad development for a one-time prosperous country.

Many of us recall with nostalgia, during the oil boom of the 1970s how the then Head of State and Commander-In-Chief of Nigerian Armed Forces, General Yakubu Gowon said that the problem with Nigeria was not money but how to spend it. He then agreed to host the Festival of African Culture which cost Nigeria a yet to be determined amount of money but which eventually took place in 1977 during the tenure of General Olusegun Obasanjo. Nigeria has never been the same since hosting FESTAC '77.

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