With the increasing foreign debt profile which presently stands at N24.3 trillion, an international investment and business consultant, Dr Vincent Nwani, on Thursday warned on the danger of further acquiring more foreign debt by the Federal government, advising the government to take urgent action and fashion out strategies in reducing the debt.
Nwani said there is nothing bad in borrowing but added that it should be for developmental projects in such a way that would have positive effects on economic growth and human development.
Nwani who made this disclosure at the FCMB southwest region media parley tagged; ‘Nigeria in 2019: low growth versus risking risks’ said the national GDP growth which is at 2.5 percent at the moment is too weak for the country to have any meaningful economic growth and development.
According to him, Nigeria is feeling the effect of the world currency crashes and the global trade growth which is pending at 0.5 percent in the first quarter of the year.
He blamed sleepy economic performance of the country on the challenges of insecurity, poor policies of the government, and poor tax collection.
According to him, “In 2015, our external debt was N12. 1 trillion but before the end of 2018, it rose to N24.3 trillion. Though, I know it is never a crime to borrow money, but you must know what you are doing with the money you are borrowing.
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