Mixed Reactions Trail Tinubu’s $2.2 Billion Loan Request.
On November 19, President Bola Tinubu sought approval from the National Assembly for a $2.2 billion external loan aimed at addressing a N9.7 trillion deficit in the 2024 budget.
The proposal, approved swiftly within 48 hours, has sparked debates nationwide.
While the Tinubu administration defends the loan as crucial for ongoing projects and economic growth, critics like former Vice President Atiku Abubakar have raised concerns.
Atiku labeled the borrowing spree “bone-crushing” and accused the government of mismanaging resources.
He also highlighted Nigeria’s alarming debt status, ranking third in debt owed to the International Development Association.
Others, including Middle Belt Forum President Dr. Pogu Bitrus, decried the trend of borrowing for consumption rather than capital projects.
Some commentators argue for a shift towards self-reliance, citing examples like India’s developmental trajectory.
The National Assembly’s quick approval, supported by Senate and House committees, has also drawn criticism.
Observers claim this reflects a troubling complicity in Nigeria’s rising debt burden, raising questions about the sustainability of the government’s fiscal policies.
As discussions continue, Nigerians await clarity on how this new loan will impact the nation’s economy and future generations.
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