Last month this govt celebrated clearing IMF Covid loans of over 3 billion. Today, they want to take more loans, precisely 21 billion dollars.
Let me break it down
21,000,000,000 in Naira is
33,290,670,000,000
That is over half of our budget
They are also doing a domestic bond issuance of 757 billion Naira
In total, they just pushed a request of close to 34 trillion to the National Assembly. If this National assembly accepts it, we will be 34 trillion in debt.
Just imagine the interest rates on the loan, even if there is a good moratorium.
The debt bondage will be heavy on the next generation, your unborn kids already have debt on ground, debt not properly utilized is a burden.
What you can do!
Call or write your lawmaker to tell government that they must provide details on what they want to do with the money and justify the impact of the spend!