It is no secret, Nigeria and its leaders have grown a penchant for borrowing. The nation’s debt profile keeps increasing by the day and now we have yet another loan to worry about.
As of June 30, 2020, the Debt Management Office (DMO) declared that Nigeria’s total debt profile had risen to N31. 009 trillion ($85.897 billion). On Tuesday, news became public that the World Bank approved Nigeria’s request for a $1.5 billion loan.
*Insert exasperated sigh*
Yet, another loan to add to Nigeria’s profile, with very little to no concrete plan to pay back this accumulating debt. If it was that these loans were being invested into initiatives that would bring back returns, it would be acceptable. But no, these monies are being pumped into white elephant projects and stuffed into the deep pockets of politicians.
The world bank loan is supposed to fund the following projects; Nigeria COVID-19 Action Recovery and Economic Stimulus – Program for Results (Nigeria CARES) and The State Fiscal Transparency, Accountability, and Sustainability Program for Results (SFTAS) Additional Financing.
Now it is up to our politicians to actually utilise the funds for what it was budgeted for.
Toluwanimi Onakoya is a spirited writer, creative and videographer. Her biggest drive is to connect with people and depict tales using various forms of media.
Toluwanimi is available on Instagram and Twitter @nimi_onaks
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