Why Nigeria may become bankrupt in 10 years- Expert

A Lagos based business executive Simon Tumba, has expressed concerns over the Senate’s approval of a $6 billion loan requested by President Bola Tinubu. He warned that  Nigeria may become a bankrupt nation in 10 to 20 years if adequate measures are not taken to avert the looming danger. The approval  yesterday  came barely three and half hours after the President of the Senate, Senator Godswill Akpabio, read the letter from the President, seeking the approval.

 Reacting, Tumba said: “ I think the FG should come clean with its plans and repayment structure for these loans. There appears to be many overlaps.

‘’For instance , contract was awarded for the rehabilitation of the Lagos ports last year running to hundreds of millions of dollars. During the recent President’s visit to the UK, an agreement was signed to fund the rehabilitation of the ports in Lagos at around $1 billion, now, another request to secure a $1billion loan approval for the Lagos ports. The government needs to be very transparent on its loan policy and the repayment plans.

‘’The implication is that if care is not taken, over the next 10-20 years, Nigeria may become a bankrupt nation, except we are able to produce more to pay our debt and fast-track our development.”