Nigeria's Debt Profile Not Politically Motivated

14 November 2017
opinion

In an interview published in a national daily (not Vanguard) on Monday, November 6, 2017, a former Deputy Governor of the Central Bank of Nigeria, Prof Kingsley Moghalu, exercised his inalienable freedom of expression on some national issues, especially in the areas of youth empowerment, citizens' obligation to pay taxes, unemployment, leadership and public policies. As a former public official and academic, Prof Moghalu, more than qualifies to voice his enlightened opinion on these and many more socio-economic subjects of concern.

In one of his submissions during the interview, Prof Moghalu expressed worry over the debt burden of Nigeria, calling for it to be "completely overhauled". He said, "I see that the government recently requested the approval of the National Assembly for US$5.5 billion in borrowing. If you consider that more than 60 per cent of revenues earned by Nigeria are already going into debt servicing, you can see that we are going into dangerous territory".

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