President Buhari’s recent request for a loan of $800 million from the Chinese government has raised eyebrows and concerns among Nigerians. One of the major concerns is that the loan request may set the incoming Tinubu government on the path to failure.
The loan request has been criticized by many Nigerians who believe that it will increase the country’s debt burden, which is already very high. It is also believed that the loan may not be used for the purpose for which it was requested – to fund projects that will boost economic growth and development in the country.
Many Nigerians are worried that if the government fails to utilize the loan appropriately, the incoming Tinubu administration may suffer the consequences. It is feared that the new government may be saddled with a huge debt burden, which may hinder its ability to initiate policies and programs that will drive economic growth and development.
The government’s recent borrowing spree is seen by many as a reflection of its inability to manage the country’s resources and revenue effectively. Critics believe that the government has failed to diversify the economy and create avenues for revenue generation, hence the need to constantly borrow.
President Buhari’s administration has been widely criticized for its handling of the economy, especially with regards to the country’s high cost of living, inflation, and rising poverty levels. Many Nigerians believe that these issues could have been addressed more effectively if the government had focused on improving the country’s economic fundamentals, rather than borrowing.
The Tinubu government will need to take into account the risks associated with the country’s debt burden, and ensure that it manages its resources effectively. It will need to focus on policies and programs that will boost economic growth, create jobs, and improve the quality of life for Nigerians.
It remains to be seen how the Tinubu government will handle the challenges posed by the country’s high debt burden. However, Nigerians hope that the incoming administration will be able to turn things around and set the country on the path to sustainable economic growth and development.
Prince Raf Jimoh Omogbai Writes from Benin
rafiqjimoh2@gmail.com