Can one say the Nigerian government is greedy or foolish?

[Princess Leah]

 According to the International debt report as at last year, Nigeria is owing the world bank about $15.45billion, also the combination of serval reports has shown that currently the countries debt if you include all the debts they owe World Bank, IMF and some countries have sumed up to $91.46 billion, but instead of looking for ways to be debt free or gradually clear some portion of the debts, this present regime is still embarking on more loans from the World Bank.

 I saw in a report on X by @Nigeria Stories that President Tinibu's led government is seeking for a $500 million loan from World Bank to support health initiative, health initiative indeed, the questions are, what have they done with the previous loans? How have it helped the economic situation of our country? According to a report on the 15th of this month by Daily Post, the US Court has authorised Chinese investors to seize Nigeria's Assets.

 That's a big slap to our Nation yet they're not worried but still demanding more loans, I just hope the World Bank turn them down cause they're a disgrace to our Nation. A sensible government led by President Ibrahim Traore just recently turned down loan proposals by IMF and he's trying to set his countries to financial stability, if Burkina Faso can do it why can't our own leaders, this has lead to my conclusion that the Nigerian government is not only greedy and foolish but wicked to it's citizens.

[Marvelockg]

I think that one of the major reason why you're making this assumption that it's foolish to take up loans is because you don't know what this loans are used for and possibly don't understand that most African countries and even some European countries that appears to be doing well better than us economically owes more debt than Nigerian in terms of the loans they owe IMF and other international monitory agencies

On the IMF list of countries that owes them, Ghana is still owing at least 2.3 billion,  Costa rica and Cote devoir are owing at least 2 billion. Even Egypt and Ukraine are owing 20 billion and 10 billion respectively while Nigeria is owning just 920 million.

Even though from the world bank angle they might be toping on the list even though they aren't even on the top 10 (if my findings isnt wrong), we've got to know that in terms of population and economy point of view they aren't doing bad with the extent at which the collect loans.

The main issue is, "what do they make use of these loans for? If the loans was used for better economic purposes like making sure that our refinaries are functional or that we're creating more systems that increases our economic strength, that would have been the best but what's mostly the case is that we take up loans from international financial organizations and end up embazling them without creating any positive system from it.

The US and other top countries that are doing well economically are still indebted but the difference is with the effective utilization of the debt.

[Spaceman1000$]

According to the International debt report as at last year, Nigeria is owing the world bank about $15.45billion, also the combination of serval reports has shown that currently the countries debt if you include all the debts they owe World Bank, IMF and some countries have sumed up to $91.46 billion, but instead of looking for ways to be debt free or gradually clear some portion of the debts, this present regime is still embarking on more loans from the World Bank.

 I saw in a report on X by @Nigeria Stories that President Tinibu's led government is seeking for a $500 million loan from World Bank to support health initiative, health initiative indeed, the questions are, what have they done with the previous loans? How have it helped the economic situation of our country? According to a report on the 15th of this month by Daily Post, the US Court has authorised Chinese investors to seize Nigeria's Assets.

 That's a big slap to our Nation yet they're not worried but still demanding more loans, I just hope the World Bank turn them down cause they're a disgrace to our Nation. A sensible government led by President Ibrahim Traore just recently turned down loan proposals by IMF and he's trying to set his countries to financial stability, if Burkina Faso can do it why can't our own leaders, this has lead to my conclusion that the Nigerian government is not only greedy and foolish but wicked to it's citizens.

The thing is, collecting loan is not a bad idea, because loans can be used to build infrastructure like railways, then the income generated from the railway service for instance can be used in settling the loan little by little till you upset the entire debt.

However the interesting case I've found in this Nigerian government style of collecting loan is so amazing and mind boggling, I feel the kind of wanton spending those at the helm's of affairs are looking at, the internally generated revenue the federal Government gets will certainly take time and delay them, they want instant cash, so in doing so, IMF will help them with quick cash, same thing with world bank, they don't care if they are mortgaging the future of Nigeria's, hence they can lay their hands on those raw cash, then their dreams of buying a presidential yacht, new fleet of jet's and others things we don't know which is their personal interest comes into fruition.

From the previous administration, the FG has been collecting loan running in billions of dollars, we cannot pinpoint exactly what they've done with it, yet we are still collecting loans with huge interest to payback, the parliament approving this collections are the major headache we are having, as is looking like whatever the presidency or executive brings to their table, they just approve without due diligence or checks and balances.

[Princess Leah]

I think that one of the major reason why you're making this assumption that it's foolish to take up loans is because you don't know what this loans are used for and possibly don't understand that most African countries and even some European countries that appears to be doing well better than us economically owes more debt than Nigerian in terms of the loans they owe IMF and other international monitory agencies

On the IMF list of countries that owes them, Ghana is still owing at least 2.3 billion,  Costa rica and Cote devoir are owing at least 2 billion. Even Egypt and Ukraine are owing 20 billion and 10 billion respectively while Nigeria is owning just 920 million.

Even though from the world bank angle they might be toping on the list even though they aren't even on the top 10 (if my findings isnt wrong), we've got to know that in terms of population and economy point of view they aren't doing bad with the extent at which the collect loans.

The main issue is, "what do they make use of these loans for? If the loans was used for better economic purposes like making sure that our refinaries are functional or that we're creating more systems that increases our economic strength, that would have been the best but what's mostly the case is that we take up loans from international financial organizations and end up embazling them without creating any positive system from it.

The US and other top countries that are doing well economically are still indebted but the difference is with the effective utilization of the debt.

You're not getting my point, I never said it's foolish to take loans, many developed countries are indebted to World Bank or other top developed countries, infact the only country I'm aware are without debt is Singapore theyre one of the fastest developing country in Asia i don't know about others.

 I'll like you to read the topic then the content and understand it better, so you'll not give a wrong impression to others, taking loans is not a bad idea it has lots of benefits to a developing country especially one like Nigeria but taking it for a wrong course can be described as foolishness.

 What has our previous and present administration done with the loans they took? How would they pay it back? Are we producing anything apart from petroleum to pay the loans back? There are many questions to be asked but I'll leave only those ones, and instead of using the loans for good course they used it to acquire unnecessary things like private jets, build another vice presidential house worth millions of dollars when the previous one is still intact, buy another sophisticated car for the president instead of the maybach others used bro our leaders are foolish and greedy there's nothing to justify their foolishness.

[Ojinga]

According to the International debt report as at last year, Nigeria is owing the world bank about $15.45billion, also the combination of serval reports has shown that currently the countries debt if you include all the debts they owe World Bank, IMF and some countries have sumed up to $91.46 billion, but instead of looking for ways to be debt free or gradually clear some portion of the debts, this present regime is still embarking on more loans from the World Bank.

 I saw in a report on X by @Nigeria Stories that President Tinibu's led government is seeking for a $500 million loan from World Bank to support health initiative, health initiative indeed, the questions are, what have they done with the previous loans? How have it helped the economic situation of our country? According to a report on the 15th of this month by Daily Post, the US Court has authorised Chinese investors to seize Nigeria's Assets.

 That's a big slap to our Nation yet they're not worried but still demanding more loans, I just hope the World Bank turn them down cause they're a disgrace to our Nation. A sensible government led by President Ibrahim Traore just recently turned down loan proposals by IMF and he's trying to set his countries to financial stability, if Burkina Faso can do it why can't our own leaders, this has lead to my conclusion that the Nigerian government is not only greedy and foolish but wicked to it's citizens.

when it comes to Nigeria problem our leaders are not using any loan to help the nation, even if they our president take that loan he won't do anything with it. For me they're planning to take all the money and help their self's not to use in any health insurance or health intiative , the government are greedy not foolish because they all know what they're doing. Being foolish it's when they're doing something wrong and it's not affecting any of the citizens but this it's affecting us, so they're greedy and weaked.

[TEBTC]

This is a pathetic situation that we find our self here because our government don't understand the implications of all these loans they are collecting from these bodies because if court has ordered Chinese to seize some of our assets then it's a cause for concern because one day they can come and take over the country