Nigerian singer and songwriter, Harrysong has urged President Muhammadu Buhari to stop increasing the debt portfolio of the country, and at the same time, invest in education.
The president’s requested to borrow N850 billion from the country’s domestic capital market. The Senate speedily approved this request on Tuesday, April 28, 2020. To that fact, Harrysong says it’s high time Buhari put a stop to borrowing.
Not minding the fact that loan will go towards funding the country’s 2020 budget; as the novel coronavirus continues to plague the economy, Harrysong said Nigeria’s debt profile is scary.
“Buhari invests in education, it’s never too late. Start paying students. We need brains to sustain this country’s economy. And please stop borrowing from other countries”, the singer shared on Instagram.
Read Harrysong’s post below:
Meanwhile, financial experts and economists have overtime expressed their worries regarding Nigeria’s increasing debt profile, particularly under the Buhari-led administration.
According to data released by the Debt Management Office (DMO); Nigeria’s total debt stock as of December 2019 stood at N27.4 trillion. This includes N21.7 trillion owed by the Federal Government and N5.6 trillion owed by the state governments.
And with the newly-approved loan, it is certain that the debt portfolio will significantly increase.
Like Harrysong, are you as well worried about the increasing debt profile of the country?