Debts : A Relapse to the Past
- By solomon2day
- On 07/06/2021
- Comments (0)
- In Solomon's Column
The impression everywhere is that State Governors and Chairmen of Local Governments, who are entitled to borrow under the Debt Management Act, shall abide by the provisions of the Act and exhibit a high sense of responsibility in managing borrowed funds.
Indeed, the ongoing debate among Nigerians is the sustainability of the debts at all levels of governance, since the country has only a single economy.
The Act seeks to ensure prudence in the management and utilization of borrowed funds, while simultaneously plugging in several measures that shall guarantee transparency in debt management at all levels.Transfer Money with Wise
Considering the worrisome debt profile of the country, the major concern now is how the loans are being utilized.
Without a doubt, indicators suggest that Nigeria has relapsed to the experience of 1978 and 1990, the period of excessive external debts.
Nigerians are already expressing fears that Those-in-Charge may have taken the country back to the past when it could not pay or service its loans.
It is a fact that no state can borrow externally unless the Federal Government borrows from them and turns it to them via a supplementary agreement, as stipulated by the constitution, that no state can borrow on its own externally.
Although the states' domestic debts are shrouded in mystery, the resolve of law enforcement and security agencies not to protect criminals any longer shall go a long way in checkmating the unabating insecurity nationwide.
Not long ago Those-in-Charge stated that the South West Geo-Political zone is the most peaceful, perhaps, but the insinuation is that it could be a covert directive. Days after, the unexpected occurred in a community in Oyo state.
Sadly, the reactionary and snail-speed approach to governance in certain states is already suggesting a veritable means to an end.
Nigeria Governance Mismanagement Corruption
