Iba Gani Adam’s, who is the Aare Onakakanfo of Yorubaland, warned that Nigeria is quickly becoming a country that needs to beg for money.
Adams said this at the end of the Ajagunmale festival in Lekki, Lagos. He said that until the Nigerian economy cuts back on loans and borrowings that aren’t necessary, the country might stay in bad shape.
He said, “Unrestricted borrowing has been a huge problem that has hurt the Nigerian economy.” In every part of the economy, Nigerians can see and feel how bad things are.
“DMO said that Nigeria’s total debt went from N42.84 trillion in June to N44.06 trillion in September.
“The total debt stock includes all of the Federal Government, state governments, and the Federal Capital Territory’s domestic and foreign debt.
“All of these loans and borrowings that were not needed have made Nigeria a country of beggars,” he said.