As Nigeria begins to come to terms with the perilous state of the economy with the drop in oil prices, a warning has gone to the country to be wary of the dangers inherent in borrowing.
Chairman of the Public Accounts Committee of the House of Representatives, Honourable Kingsley O. Chinda gave this warning at a conference on “Promoting Accountability in the Management of Public Debt” Organized by Social Action in November 2015, in Abuja.
Vivian Bellonwu, Head, Social Action, a civil society organization in Abuja examines the recent report by the World Bank which says Nigerians are among people living in extreme poverty. She argues that the report shows that Nigerian leaders that have churned out great Gross Domestic Product ,GDP figures have been relying on voodoo statistics.In particular, she says the World Bank report should serve as a basis for the bank to stop granting loans to Nigerian leaders.Why? Find out what she said in this interview with Danlami Nmodu, publisher/editor in-chief, Newsdiaryonline.com on Monday ,April 7th 2014.Excerpts: