- The spiritual leader of Yorubaland, Iba Gani Abiodun Ige Adams, has sent a crucial message to the federal government on Nigeria's debt profile
- Gani Adams is worried that if Nigeria's debt is not paid under the President Buhari-led government, successive administrations will bear the brunt
- The Aareonakakanfo of Yorubaland added that the country is dwindling into much poverty and darkness
Iba Gani Abiodun Ige Adams, the Aareonakakanfo of Yorubaland, has expressed serious worries over Nigeria's increasing debt profile.
Gani noted that unless the federal government does something to save the nation, its future will be mortgaged as it plunges further into what he calls 'twilight'.
Speaking on Tuesday, September 21, in Ibeju, Lagos, during the maiden edition of Egbe Festival, organised by the Olokun Festival Foundation, (OFF), the Yoruba leader warned that if the debt is not paid, it will become a big problem for successive administrations.
In a statement made available to Legit.ng, he lamented:
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"Last week, President Muhammadu Buhari sought another 4bn dollars loan.But it is unfortunate that the burden of several loans embarked on by the Federal Government is hitting hard on the ordinary citizens.
"The loan request, according to the Federal Government would be used for Kano-Niger Republic rail project and others. The federal government had also argued that the rail line, when completed, would improve trade among Nigeria, Niger, and North Africa.
"But it must be stated that rather than improving the economic prosperity of the nation, the burden of the growing debt profile, and the amount incurred in servicing these loans would only add to the economic woes of the ordinary citizens.
"With the attendant burden of these loans, Nigeria is in its twilight. We h need not be told that the future of this country looks bleak with the amount of foreign dollars involved as loans and the burden of servicing these loans. But I hope this administration can only learn from the mistakes of the past."
President Buhari borrows over N10 billion daily in the last six years
Meanwhile, it was gathered that each Nigerian was a debtor, owing over N160,000 due to the amount of loan borrowed by President Buhari since he came into power after the presidential election in 2015.
President Buhari had borrowed N21 trillion since July 2015, increasing Nigeria's debt to N33.1 trillion as of March 2021, according to data from the Debt Management Office (DMO).
A breakdown of the debt linked to President Buhari's administration showed that on a daily basis, the country secured over N10 billion within the last six years.
This means within the period under review, N309 billion loan was added to Nigeria's debt by the APC-led government monthly. When the debt was split among Nigerians, it was gathered that everyone owes N10.1 billion to the country's creditors.