The president, federal republic of Nigeria is about to borrow, yet again. This trend of borrowing has been the pattern lately.
President Buhari (vanguardngr.com)
Whiles most Nigerians feel it is a bad idea given the debt record of Nigeria, and that not much is shown for all the borrowing, some politicians like Joe Igbokwe still support the idea. Even the house of assembly tend to give a pass each time, but why?
Joe Igbokwe (vanguardngr.com)
Possible reason 1.
The first possible reason is that Nigeria is actually in need of those funds. So much needs to be funded, ranging from fuel subsidy to salaries. Furthermore, with states recently attempting to keep their VAT, instead of allowing the FIRS, on behalf of the federal government, collect them. This will most put the federal government in dire financial situation. Thus, a loan is needed to keep the ship sailing.
Map of Nigeria showing all the states and the FCT(Wikipedia.org)
Possible reason 2.
Politicians like Joe Igbokwe tow the loyalty line to the end. Even if they think it is unnecessary piling up debt, they still have to play the part of loyalists to APC and to the government. For people like Igbokwe, the country is run perfectly and he probably believes that too.
Possible reason 3.
People like Igbokwe are used to being in the people's faces with unpopular opinions. To him, it is his duty to defend a government that appears to be regularly attacked by the people. Being an APC chieftain, he must feel it is his responsibility to fight for the party.
Possible reason 4.
This is the personal reasons part. Being a government employee, a broke government can not pay salaries. No civil servant wants to be owed. So, they generally will support whatever move that ensures it does not happen.
Just like he said, he supports the borrowing by 130%, if it will be invested in infrastructure, the if part is worrisome. This means he does not really know what it will be used for.
We do hope, that it is as he thought, that this is not borrowing to spend, rather to invest. We as a country are owing a lot presently.
@dear reader, your contributions and opinions are gladly welcome. Do like, share and follow.
Stay safe, ECfranklin cares.
Content created and supplied by: ECFranklin (via Opera News )
Opera News is a free to use platform and the views and opinions expressed herein are solely those of the author and do not represent, reflect or express the views of Opera News. Any/all written content and images displayed are provided by the blogger/author, appear herein as submitted by the blogger/author and are unedited by Opera News. Opera News does not consent to nor does it condone the posting of any content that violates the rights (including the copyrights) of any third party, nor content that may malign, inter alia, any religion, ethnic group, organization, gender, company, or individual. Opera News furthermore does not condone the use of our platform for the purposes encouraging/endorsing hate speech, violation of human rights and/or utterances of a defamatory nature. If the content contained herein violates any of your rights, including those of copyright, and/or violates any the above mentioned factors, you are requested to immediately notify us using via the following email address operanews-external(at)opera.com and/or report the article using the available reporting functionality built into our Platform See More