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.