The adverse effect of loans on the economy affects both the rich class and the poor. Nigeria’ s economy is currently dependent on the loan taken by the federal government from time to time. Since Democracy comes into place in Nigeria. Nigeria has borrowed from World Powers either from China or World Bank. The main reason for the borrowing is because Crude Oil still pumps out and it is the key factor of the Nigerian Economy.
Currently, the former governor of Anambra State has called on the President of Nigeria to stop using Nigerian Taxpayer’ money to stop funding Aisha’ s Buhari which is the first lady’ s office. He noted theater the money is from the tax generated from the 36 states of Nigeria. Peter Obi called it wasteful spending of finances. As a guest speaker in the 8th yearly Foursquare Gospel Church in Lagos, he disclosed all this to the congregation. In a country with many human resources and natural resources taxes generated should be given to the local, state levels in Government rather than lavishly sending all to the wives of top politicians while poverty strives in Nigeria populace. In Peter Obi’ s point he stated that the wives of top Political officeholders did not campaign so why will they get an office. It is indeed a greedy act he noted.
Peter Obi said in a country the Educationist like Professors, teachers even earn below the current politicians. Education is the key factor of the economy. He then said that during elections billions of Naira is spent just to get someone into power. That instead of the economy rise, it is falling and the current administration is taking debts for future generations. Even Elder statesman Olusegun Obasanjo has pointed out the persistent borrowing of President Buhari. Currently, World Bank has listed Nigeria in the top 10 debt risk exposed countries despite the Human and Natural Resources.