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Ayo Oyoze Baje argues that the country’s debt burden is excessive “Our political leaders have suddenly developed not just a taste for, but a voracious appetite for debt. As usual, most of such debts that are procured are hardly thought through. Predictably, ability to repay such debts is lacking” -Chief Olusegun Obasanjo One recurring ugly decimal of Nigeria’s inexcusable economic paradox in the midst of abundant God-endowed resources is the ever-increasing debt profile, at both the state and federal levels. It is sad to note that it has been so over the decades, spanning different ad...

Last week was a scary one for millions of Nigerians who have been impoverished by the government’s rising appetite for easy money, including debt, and missteps of statecraft. Scary, not because the government has secured a fresh loan or about to so, but that its officials reminded the people of their aloofness to the real cost of the rising indebtedness and its correlation with other socio-economic variables. x First, in a self-contradictory intervention at the African Development Bank (AfDB) 2021 yearly meetings, the Minister of Finance, Budget and Natio...

However, the Minister of Finance, Budget and National Planning, Zainab Ahmed had at the end of the last Federal Executive Council Meeting (FEC), faulted Obaseki’s claim. Obaseki in a reaction to this, said he stood by his comment, indicating he got his facts right. But clearing the air recently on this, CBN governor Emefiele who field questions from newsmen in Tunga Awe LGA of Nasarawa state recently, said printing money is a key mandate of the bank and that it was part of lending to the government at difficult times. “If you understand the concept of printing money. The concept of printi...

  Traders in Abuja told Daily Trust that there has been a price increase in food commodities since the last three months even though the price of rice has been stable to no increase since the last five months. A provisions seller, Ahmadu Tijjani, told our correspondent that they were not given reasons for the hike in the price of some of the goods, stating that since food commodities are essential people would still buy even if they have to reduce their purchasing capacity. According to Tijjani, there is a 20 per cent increase of a good formerly sold for N1, 000 while a 50cl pack of Coca Co...

• It is untrue we printed N60b, FG replies Obaseki • Seek alternative funding options as country risks falling into hyperinflation  • Senate summons minister, AGF over N7.5b secret withdrawals Five days after Edo State Governor, Godwin Obaseki, released a bombshell, saying Nigeria was in huge financial trouble after the Federal Government printed N60 billion as part of federal allocation distributed to states for March, the Presidency yesterday described the statement as complete falsehood. The Minister of Finance, Budget and National Planning, Zainab Ahmed, at a briefing after the 41...