The Aare Onakakanfo of Yorubaland, Iba Gani Adam’s, warned that huge and unrestricted borrowings is fast setting up Nigeria as a begging country.
Adams who said this at the grand finale of the Ajagunmale festival, held in Lekki, Lagos, disclosed that until the Nigerian economy reduces its unnecessary loans and borrowings, the country might remain crippled
He said: “Unrestricted borrowings have been a huge burden that has crippled the Nigerian economy. Nigerians can feel the hardship in all spheres of the nation’s economy.
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“DMO said Nigeria’s debt stock rose from N42.84 trillion in June, to N44.06 trillion in September.
“The total debt stock comprises total domestic and external debt stock of the Federal Government, state governments and the Federal Capital Territory.
“With all these unnecessary borrowings and loans, they have turned Nigeria into a beggar country,” he noted.