"NIGERIA IS THE ONLY OIL-RICH NATION THAT BORROWS MONEY TO LIVE TODAY"

"Nigeria is the only "major oil-rich nation" in the world in 2013 that keeps borrowing money day in and day out from the World Bank, the IMF and the European financial institutions to survive as a nation despite her GDP of about $273 billion a year, her annual economic growth rate of 7% and her daily production of about 2.5 million barrels of oil at $100 a barrel in the international market that generates about $250 million a day or $7.5 billion a month or $90 billion a year.

Why and why are we still borrowing so much as a developing nation to live in the midst of our oil wealth and we are also very busy digging this nation and her future into huge debt that may eventually bankrupt the entire system one day? The answers are not too far-fetched for any sound-minded and thinking Nigerian to figure out. The two reasons are:(i) The unabated national culture of treasury looting by our political leaders, the top civil servants and their cronies . (ii) The massive mismanagement of our state revenues by our elected, appointed and government officials for decades.