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NIGERIA: BORROWING INTENSIFIES DESPITE PROFLIGACY!

Only few weeks ago there was rancour over the abuse of returned Paris - fund to some Nigerian Governors.  One of them in particular had sunk his entire booty of $3 million in building a Five Star Hotel in Lagos!  Still this has not deterred the Nigerian Government from seeking for a further $1.8 billion in loan…to the same Governors….this time for 10 States!  As at today, National debts stands at N19.16 trillion up from what it was two years ago N7.1 trillion!  Now, a Lagos based financial consultant Bismark Rewane says “we need to move away from debts from recurrent expenditure to debts for capital expenditures – which are project specific”.

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