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NIGERIA'S DEBT.
Nigeria’s total public debt stock rose from NGN8.32 trillion in 2013 to NGN22.7 trillion in 2017. Such debt have huge consequence in the economy. The minister of finance described the situation as an ” emotive issue” while the economist belive borrowing is healthy for the economy and may help in maintaining the economy growth and development. The economist might be right because Nigeria is not the only country who borrow money in the world. It’s just worrisome when there is still no evidence to what all these funds are being used for. Nigeria has no road, electricity, clean water, schools and good infrastructures. So where are these money going to? It is a know fact that being in debt will have negative effect on human development that is already in deplorable condition.
Money should only be borrowed to finance projects that will help grow the country and her economy, which in turns will help in paying back all the debts.
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