It's too late to take $800m loan for incoming govt, Moghalu tells

BUSINESS HALLMARK

Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has urged the outgoing administration of  President Muhamadu Buhari not to incur debt to the incoming administration.

Moghalu, while reacting from the United States to the $800 million World Bank loan to cushion the palliative effect on average Nigerians on Thursday, disclosed that the incoming government will inherit a N77 trillion debt.

“I am one of those who believe Nigeria is borrowing too much and generating too little in revenue in paying back these loans.

Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has urged the outgoing administration of  President Muhamadu Buhari not to incur debt to the incoming administration.

Moghalu, while reacting from the United States to the $800 million World Bank loan to cushion the palliative effect on average Nigerians on Thursday, disclosed that the incoming government will inherit a N77 trillion debt.

“I am one of those who believe Nigeria is borrowing too much and generating too little in revenue in paying back these loans.