Worse, the Buhari administration has gone on a borrowing and spending spree instead of building alternative revenue sources. The results? Domestic debt servicing costs nearly doubled between 2015 and 2018, and foreign borrowing has ballooned.
If the 2022 trend persists till year-end, Nigeria will have over ₦1 trillion in interest payments for external debts for the first time. Exactly ten years ago, we paid less than ₦50 billion.
To be cont ☕️