Former House of Representatives member Dachung Bagos has raised concerns about Nigeria’s increasing reliance on loans, questioning the government’s repayment strategy. Bagos voiced his apprehension during an appearance on *Channels Television’s* *Politics Today* on Thursday.
Referring to Nigeria’s non-industrialized and non-exporting economy, Bagos criticized the government for failing to provide a clear repayment framework. His comments followed the Senate’s recent approval of a N1.77 trillion ($2.2 billion) loan request submitted by President Bola Tinubu to address the N9.7 trillion budget deficit for the 2024 fiscal year.
“You borrow to take breakfast, lunch, and dinner every day,” Bagos remarked, highlighting the unsustainable borrowing culture. He warned that the country’s increasing debt ratio could lead to greater financial burdens on citizens, especially with impending tax reforms by President Tinubu.
The Central Bank of Nigeria (CBN) revealed that the government spent $3.58 billion servicing foreign debt in the first nine months of 2024, further intensifying public scrutiny of Nigeria’s borrowing practices.
