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The Debt Management Office of the Federation has warned that the Nigerian economy cannot withstand the latest plan by President Muhammadu Buhari to borrow almost $30bn.
In its Debt Sustainability Report released this week, the agency which has the statutory mandate for the management of Nigeria’s external and internal debt stock stated that for 2017, the Nigerian economy cannot absorb any debt beyond $22.08bn considering what it called “the absorptive capacity of the domestic debt market and the options available in the external market.”
The President had this week written to the National Assembly asking for approval to borrow a total of $22.96bn.
I ask again, does it mean that the President doesn’t ask critical questions and seek answers from relevant offices before making certain key pronouncements?
Does it mean that the President didn’t consult the DMO to ascertain the sustainability of the funds he seeks to borrow?
This indeed is troubling.
Onyebuchi Ememanka,
Surulere, Lagos State
The post Buhari’s borrowing plan appeared first on Punch Newspapers.
Source: Punch News
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