Nigeria is in dire economic straits and in one of its worst economic crises in its history as recently warned by the World Bank and the International Monetary Fund last December. It is so bad that in November, the Budget Office stated that 428 of Nigeria’s over 600 agencies would be unable to pay November salaries. In 2015, in order to reduce waste and cost of governance, the Oransanye report recommended the scrapping and merger of many of these federal agencies.
Between June 2015 when Nigeria’s external debt was $11.4bn and June 2020, the Buhari regime accumulated $22 billion in foreign debts currently at $31bn from a low of $5.5bn after paying off the Paris Club in 2005. Effectively, the $22bn was borrowed to fund these 300 odd federal agencies that should have been scrapped or merged in 2015. The World Bank has just agreed to give us another loan of $1.5bn after the IMF gave us a loan of $3.4bn in April 2020.
How can we be borrowing and be settling killers with it. Do we still have a country?
Nothing wey person no go hear from this government.. Oodua nation💪
Redundancy is bad!
Everything about this Fulani terrorist government of Nigeria is borrow borrow. Zoological Republic of NigeriaENDNIGERIANOW ENDNIGERIANOW and SAVEBIAFRALAND
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interesting