The Nigeria's foreign debt, the cost of running her big government and the cost of servicing her huge debt should give any right thinking, patriotic and objective Nigerians those sleepless nightmares in all reality. According to the Nigeria's Federal House of Representatives, the economy cannot be bright when government has earmarked $3.6 billion (N572 billion) to service $45 billion (N7.1 trillion) domestic debt in the 2014 budget.
(i). Have Nigerians forgotten that a debtor nation will never have the extra money that would be needed to develop that nation and to improve the living conditions of its own citizens in all reality? (ii). Have Nigerians also forgotten that a debtor country has no true sovereignty and she will always be at the full mercy of those international lending agencies and the nations that provide her with aid? (iii). Which country in the world in 2014 that has a genuine plan to become a true emerging economy will be using more than 30% of its own annual budget to run its own government, to pay the huge salaries and allowances to its 17,500 public officials and her huge federal civil servants?
(iv). Have Nigerians forgotten that a debt that is bigger than the yearly annual budget of that country is not sustainable into the future? (v). Where will the Nigerian government get the money that she would need to modernize her overwhelmed national infrastructures, the outdated health care facilities, the failing national education system, the lack of social services, the job creation, the true living wages for her workers and the provision of the needed security to life and properties of all Nigerians?
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