Nigeria’s rising debt profile has come under intense scrutiny. Renowned economist Prof. Akpan Ekpo warned that the country’s increasing debt burden is not justified by the projects undertaken by the current administration. Speaking on a television program, Ekpo said he has yet to see tangible projects that warrant the present debt levels. He suggested that if borrowed funds were directed toward critical infrastructure—particularly power generation, which could stimulate job creation and economic growth—the borrowing would be a positive development.
Ekpo stressed the importance of transparency in borrowing and argued that loans should be strictly tied to projects that add value to the economy. He noted that a strong domestic economy, resilient to external shocks, can only be built through prudent and targeted investments. According to him, the key to justifying Nigeria’s high debt rate lies in implementing projects that have a direct and positive impact on the economy.
The country’s debt stock continues to rise, prompting concern among observers. While President Bola Tinubu’s administration has launched various initiatives, Ekpo’s comments imply that more must be done to justify the current debt levels. As the government continues to borrow to finance its activities, it is essential to ensure that the funds are utilized efficiently and effectively.
Emphasizing transparency and accountability in borrowing is crucial for building a strong, resilient economy. By investing in critical infrastructure such as power, the government can create jobs, stimulate economic growth, and improve the overall standard of living. As Nigeria navigates its economic challenges, prioritizing prudent financial management and ensuring that the debt burden remains sustainable and justifiable are imperative.
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