Director of ActionAid Nigeria, Andrew Mamedu, has raised an alarm that a newborn baby in Nigeria has begun life with a loan of N691,000, amid Nigeria’s rising debt profile.
The Country Director of a non-governmental organization stated this on Monday during an interview on Arise Television, noting that Nigeria’s debt is rising despite the removal of the fuel subsidy and the floating of the naira.
“With Nigeria’s rising debt now, it means that a newborn baby already starts life owing about N691,000.
“There is nothing wrong with responsive borrowing. Governments worldwide, from China to the US, borrow, sometimes above their annual budgets.
“But responsible borrowing depends on clear purpose and accountability, as outlined in fiscal responsibility principles.
“Borrowing should not be for consumption, and the key concern is transparency in how funds are used.
“Ideally, it should follow a clear fiscal plan and be directed only to productive capital projects that can generate returns and repay the debt,” Mamedu said.
Veteran journalist and recipient of A.B.C Yola, Reporter of the Year Award (1997), Hassan Umar Shallpella, works with WAP as a Regional Correspondence. He was trained at Institute of Mass Communication and Technology Jos and Federal Radio Corporation of Nigeria, Training School Lagos.He was a News desk Editor and a Correspondent at the Punch newspaper and till 2019, was the Deputy Editor ofThe Scope newspaper.
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