There is something that is fundamental and unsettling about the idea that a nation that is resource rich Economically significant as Nigeria is allocating a whole 11.6 billion is not to build or invest but they are using it To do another thing. This money doesn't go into improving people's life But it simply keep up with the past obligation of debt servicing and by itself It produces no road, no hospital, no school Nothing good is coming out of this. It is the financial equivalent of running in places and making no Reasonable effort.
What makes this situation more complex is that it's not just about number It's about trade-off. Every dollar that goes towards servicing debts is a dollar that goes to waste It's a dollar that does not even have any usefulness of itself because we are still staying in a loop of debt Healthcare system, educational reforms, all of them are left stagnant evil power generation and Industrial expansion and in a country where these sectors are not just underdeveloped but critical to long-term stability Those trade-offs, they are not abstract. They are tangible and daily constraint on growth and quality of life.
The president of this country Criticized the global financial system that it traps them into one single place and in his criticism of The financial system is that it taps into a broader long-standing tension. Many African countries have argued that they are Consistently labeled as high risk which means higher borrowing cost Those higher costs then compound over time making it harder to escape the very risk profile that Justifies them in the first place. It is feedback loop Expensive debt limits limit a country's growth, but there is another layer to this thing too.