'Borrow Borrow' or 'Beggie Beggie' country?: Nigeria wants to borrow $3bn from World Bank, AfDB, others

I have spoken a few times on the Economy. I think I have actually said enough. I’ll just summarize the growth of Nigeria in the periods of high growth were driven largely by rising commodity prices & debt. The Federal Government is spending 66% of its revenue on interest on debt. 34% left for recurrent & capital - Muhammadu Sanusi II, Emir of Kano

Zainah Ahmed, Nigeria's Minister of State for Budget and National Planning
Background
  • From the Minster of State for Budget and National Planning's interview which Bloomberg reported on Wednesday 13 April 2017, we learnt that;
  1. Africa Development bank has already given $600m
  2. $2bn to come from world bank
  3. $400m to come from an Abidjan based lender
  • These funds will primarily be used for funding the N7.3tn 2017 record budget which shrunk in 2016 by 1.5%. The first contraction since 1991.
Our take on the matter
  • Since we were born and now we are getting old we have never seen Nigeria not go a borrowing
Conclusion
  • Wonder why we are called 'developing nation? because 'the hand of the borrower, especially the perpetual one is always beneath so says #MusingsAmplified
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