Bolaji Abdullahi, spokesperson of the African Democratic Congress (ADC) coalition, has questioned the impact of recent external borrowing on Nigeria’s economy, raising concerns over the country’s growing debt profile.
Abdullahi made the remarks during an interview from 33:09 on SYMFONI TV, where he reacted to reports that President has applied for additional funding from the .
According to Abdullahi, the latest request for $1.7 billion would significantly increase Nigeria’s total borrowing from the World Bank since the current administration took office in June 2023.
“President Bola Tinubu just applied to the World Bank for another $1.7 billion. That will bring, between June 2023 and now, the total loan from World Bank alone to over $7 billion. Does this economy look like an economy that has benefited from a $7 billion loan?” Abdullahi queried.
He argued that despite the scale of borrowing, there has been little visible improvement in key economic indicators, suggesting that the loans may not be translating into tangible benefits for ordinary Nigerians.
Abdullahi’s comments come amid ongoing debates about Nigeria’s fiscal strategy, particularly the reliance on external borrowing to support economic reforms and infrastructure development. Critics have raised concerns about debt sustainability and the long-term implications for the country’s financial stability….Read_More…