Post by Arise News (@arisenews)

Nigeria’s Rising Debt Means A Newborn Already Starts Life Owing ₦691,000 - Mamedu

There is nothing wrong with responsible borrowing, governments worldwide, from China to the US, borrow, sometimes above their annual budgets. But responsible borrowing depends on clear purpose and accountability, as outlined in fiscal responsibility principles. Borrowing should not be for consumption, and the key concern is transparency in how funds are used. Ideally, it should follow a clear fiscal plan and be directed only to productive capital projects that can generate returns and repay the debt.

Andrew Mamedu, Country Director, ActionAid Nigeria

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