It is no longer news that Nigeria's debt has been on the increase for the past six years. This has promted many unanswered questions such as some of the reasons behind this increase in the debt profile of the nation.
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Notwithstanding, it is rather sad that many Nigerians don't ignorant of these unfolding and perhaps judging wrongly from a distance.
For our critical analysis, in this article we shall be looking at three major reasons that might have prompted the increase in debt profile of the nation.
1. Banditry, Boko Haram and Other Forms of Insurgency
You all will agree with that the rate of Insurgency and other criminal activities has been on the increase for the past few years. This calls for an urgent need to boost the security achitecture of the country which calls for more funding.
2. Crude Oil
Being one of the major oil producing countries in the world, Nigeria depends mainly in the revenue it generates from the sales of crude oil.
Photo credit: TheCable
Following the drastic fall in the price of crude oil in the global market, Nigeria is faced with a lot of budget deficit that it needs loans to meet up such budgets.
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