(3 minutes read)
The Executive Director of Policy House International ( a think tank) Taiwo Akerele, has also blamed excesses of the federal government and state governors for the country’s increasing debt.
The Executive Director of Policy House International ( a think tank), Taiwo Akerele, has also blamed excesses of the federal government and state governors for the country’s increasing debt. The blame for the exalted indebtedness should be equally shared by the federal government and the state governors, he said, adding that the states allegedly arm-twisted the relevant federal institutions to get their loans approved.
Akerele noted that statistics from the debt management office (DMO) show very clearly that only 35% of the total federal debts belong to the federal government. Close to 35% is owned by the 36 states while the outstanding debt of 30% is jointly taken. These are loans relating to immunisation and COVID-19 recovery and budget support instruments. He argued that the states did not have any right to place the debt crisis at the doorstep of the federal government.
Read Also:
https://trendsnafrica.com/nigeria-seeks-loans-to-complete-rail-projects/
https://trendsnafrica.com/floods-create-havoc-in-nigeria/
Akerele stressed that Nigeria could work if the governors focus on their work for the betterment of the people to ensure effectiveness in service delivery at the local government level. He called for substantial improvements in the primary/basic education system by adequately funding, committing more resources for teachers’ training by the state governments, and increasing the functionality of the primary health care system across the states. Investing in toning up rural infrastructure was also equally important, he added.
