As a Democratic country and a country that practice mix economy and the open economy system, just like any other country Nigeria is at liberty to borrow finance from any other country that practice the same economic system as them.
Also, just as it is stated, no economy can survive on its own, it needs other countries to be able to stabilize its economy and conduct other economic activities, just like import and export. However, the case may be, a country is likely to borrow from other countries.
While borrowing might be a norm, it is pertinent for any nation thinking of going into borrowing to be able to analyze its economy and how feasible or viable the loan can be to the country.
Any loan collected by any nation, such nation should bear in mind that such loans should give back or add to the nation’s current economic state.
The government of President Muhammadu Buhari met a total debt of N12 Trillion in 2015 while he took over from the government of firmer president Goodluck Ebele Jonathan. Currently, Nigeria’s debt profile is at ₦31 trillion.
Despite this debt profile, Nigeria is currently in recession as prizes of good’s and services is on the increase on a daily basis.
Owning on the current debt profile of the country, Reno Omokri made a statement on Twitter where he is calling her n all Nigerians to join the current #EndSARS movement. Below is his statement and a screenshot of his tweet.
“#Buhari met total debt of ₦12 trillion in 2015. Today our debt is ₦31 trillion. Yet, annual cost of maintaining @MBuhari and @ProfOsinbajo
has tripled from 2015 to ₦6 billion. They want to kill future generations with debt they won’t pay. That is why you should join #EndSARS”
What is your opinion on the current situation of the nation and the #EndSARS protest? Feel free to share your thought in the comment. section below. Also, below is people’s reactions to Reno Omokri’s post.