Facts

Nigerians are now very worried and are asking several questions over the present debt situation of the Federal and State governments. In recent years, the government at all levels have failed to exhibit a high sense of responsibility in managing borrowed funds. Are the incurred debts at a sustainable level? Nigerians wish to know. Obviously, the heavy indebtedness of a number of states is a reflection of the major reason why those in authority occupy public offices. Indeed, the lack of prudence in the management and utilization of borrowed funds and the disability of measures that will guarantee transparency are two major characteristics of debt management in the country. The country's debt profile is disturbing, while the capacity of the different levels of government to manage their debts is questionable. Most importantly, the domestic debt data of all the states ought to be made public for Nigerians to know the financial status of these states. This will go a long way to dete...

Persons in authority in Nigeria have hinted that the re-introduction of toll gates is imminent while at the same time facilitating the increase in the fees payable for vehicle plate numbers and the driver's license. Before now, impoverished Nigerians have been contending with persistent darkness even though at present, electricity bills are strangulating. Indeed, the high costs of foodstuff in the markets, the upward review of the Value Added Tax(VAT), PremiumMotor Spirit(PMS), and Kerosene are solid proofs that governance is on an unstable footing at all levels. The ranking of Nigeria as fifth in the list of countries with high debt risk exposure only confirms that political office holders, both elected and appointed, have done almost nothing to reinvigorate the country's health system, eradicate hunger and poverty, create convincing and satisfactory employment, ensure the growth of businesses. The Debt Management Office(DMO)has stated that Nigeriahasadebt of $11.5 billion t...