Nigeria’s debt: Newborn already starts life owing N691,000 – ActionAid

A non-governmental organisation, ActionAid Nigeria, has lamented that with Nigeria’s rising debt profile, a new born baby begins life with a loan to the tune of N691,000.

Country Director of the organization, Andrew Mamedu, said this on Monday while fielding questions in an interview on Arise Television.

He was speaking on the current Nigeria’s rising debt regardless of the removal of fuel subsidy and floating of the naira.

“With Nigeria’s rising debt now, it means that a new born baby already starts life owing about N691,000.

“There is nothing wrong with responsive borrowing. Governments worldwide, from China to the US, borrow, sometimes above their annual budgets.

“But responsible borrowing depends on clear purpose and accountability, as outlined in fiscal responsibility principles.

“Borrowing should not be for consumption, and the key concern is transparency in how funds are used.

“Ideally, it should follow a clear fiscal plan and be directed only to productive capital projects that can generate returns and repay the debt,” he said.