A persistent double-digit inflation rate which continuously lowers the purchasing power of the population and a 45 per cent youth unemployment rate are ominous signs
The national chairman of the Peoples Redemption Party (PRP), Falalu Bello, says President Muhammadu Buhari’s borrowing spree is selling Nigerians into slavery.
Bello said it is wrong for a country to borrow to service its debts. According to him, “Any individual who does that will be said to be heading for bankruptcy.”
The opposition politician said, “This means a country will have no means of financing growth and development of the economy with almost certainty of social malaise.”
Criticising Mr Buhari’s penchant for borrowing, Mr Bello said, the president’s “Continuous borrowing in the face of a reduction in revenue is wrong and akin to mortgaging the Nigerian future and taking the nation into servitude.
“The Nigerian government is currently faced with a lot of problems from both the economic and social perspectives.
“A persistent double-digit inflation rate which continuously lowers the purchasing power of the population and a 45 per cent youth unemployment rate are ominous signs,” he said.
Bello suggested diversification of the economy through non-oil revenue sources as an alternative the federal government can use to generate more revenue.