Abdullahi Adamu’s debt blunder and Nigeria’s moment of truth, By Phrank Shaibu

…all men of goodwill must prevail on Buhari to apply the brakes. It is not rocket science to know that a country that does not produce anything tangible for the international market other than crude oil must be prudent. Spending 90% of revenue on debt servicing is certainly not sustainable; it leaves next to nothing for capital projects other than paying workers’ salaries− this is O’ Level economics!

The queerest, most illogical, most mind-numbing argument I have heard this year is the declaration by the National Chairman of the ruling All Progressives Congress (APC), Senator Abdullahi Adamu that the Muhammadu Buhari-led administration can borrow money from international creditors from now till eternity.

Speaking in an interview on Trust TV last Tuesday, Adamu said he had no issue with borrowing and that his position had been consistent on the subject. To justify his stance, he noted that other advanced nations borrow to develop their infrastructure.

According to him, “remember a programme we had here, I told you and I thought you believed me that I have no quarrel, issues with government borrowing. Government can borrow from here to eternity. The American government borrows, the Canadian government borrows, the United Kingdom borrows, France borrows money from the World Bank and such other institutions and Nigeria is no exception”.

“What I quarrel with,” Adamu said, “is if the money is not used for a purpose and the infrastructure we are…

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