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Friday, September 20, 2019

Nigeria To World Bank - Give Us More Loans

The Nigerian government is once again planning to apply for a loan from the world bank. According to sources, Nigeria is requesting for a loan of US$2.5bn from the world bank to fund the programs of the government and to aid the economy.

The Nigerian economy has been described by many analysts as weak because it is dependent heavily on foreign loans and it is indebted. Nigerian despite efforts have not been able to build a self-reliant economy.

Most states in the Nigerian federation are depending on bailouts and monthly allocations from the federal government to meet up their statutory obligations.

The Buhari administration has said that it will concentrate efforts on building infrastructure which requires huge capital investment.
Apart from the world bank, Nigeria has in the past applied for loans to China creating a sense of financial policy inconsistency to the economy.

However, no one will blame a government for seeking for funds in any place it can find one so long as it does not compromise due processes.


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