Financial Expert Queries Federal Govt’s Borrowing Plans

A financial expert, Michael Diongoli, has questioned the rationale behind the federal government’s move to borrow over $8 billion to carry out projects across states.

According to the financial guru, the debt profile of the country was already alarming, with over N86 trillion, and borrowing more money will plunge the country into avoidable hardship.

Diongoli said the only way out of impending financial doom was to move from being a primarily consuming nation to a production nation with tax considerations.

He explained that Nigeria is a blessed nation with numerous resources; natural and human, adding that the government must be deliberate in managing all resources, particularly its human capital potential.

While urging the government to explore Nigeria’s human capacity, particularly in the technological space, agriculture, and other areas, he commended the President Bola Ahmed Tinubu, who led the federal government for its initiative thus far and urged the government to do its best to consolidate its efforts.

He argued that Nigeria must be conscious to diversify and harness other financial prospects. He stressed that the government must explore the tech economy and introduce more youth to its vast economy so as to create more independent business owners capable of earning in currencies beyond the Naira.