Nigeria is currently on a dangerous level of Debt trap that is already showing signs of Debt crisis, and, it appears the presidency is more inclined to a speedy descent into debt crisis, if current realities are to be taken into considerations. This is the view of former Presidential candidate under the aegis of National Conscience Party, Martin Onovo.
Debt trap indicates a situation where a country is borrowing more money while struggling to service an already burgeoning debt profile, a situation that Nigeria has unfortunately found herself in recent times. According to Patience Oniha, Director-General, Debt Management Office (DMO), Nigeria is now reeling under N24.4trillion debt overhang after FG borrowed N2.66 Trillion during the year ending December 2018, indicating a 9.1% rise in one year.
Nigeria is estimated to have spent over thirty trillion Naira in the last four years, and the average yearly financial yield is estimated to be about N6 trillion.
Recently, Minister of Information, Lai Mohamed, was reported to have lamented that negative reports about the Nigeria is making it difficult for the Federal Government to borrow more money.
Speaking in Lagos on the topic “Post 2019 elections and Crisis: The Need To Build A Coalition For Revolution” in a forum organized by a coalition of human right groups under the aegis of the Committee For The defense Of Human Rights, Onovo said that time shall come when Nigerians will enter into a full bl;own debt crisis, when they go to the Banks and there will be no money to withdraw. “They are are accumulating these debts for our Children, and at an estimated revenue of N6 trillion per year, no body knows when our children will be able to get out of the debt trap even if borrowing is halted now”, he said, adding that the present government regarded (former president Olusegun) Obasanjo as corrupt while President Buhari is a man of integrity, but Obasanjo can point at projects that he had been able to do under his administration, but Buhari cannot. “What did they do with the money they have been borrowing? Nothing! Nigeria has become the most dangerous country to live in. If you are not killed in road accidents, you will be killed by Herdsmen. If you survive herdsmen, bandits will be after you, if you survive bandits, Boko Haram will kill you, if you survive Boko Haram, you run into kidnappers. These are symptoms of a failed state”, he said.