Nigeria’s escalating debt crisis and economic woes could be alleviated by addressing the soaring cost of governance, Sam Amadi, a former Chairman of the Nigerian Electricity Regulatory Commission, has said.
Mr Amadi, the director of the Abuja School of Social and Political Thought, spoke on Tuesday at the 6th annual lecture of the Just Friends Club of Nigeria themed “High cost of governance as an impediment to development.”
He underscored the need for a more streamlined and efficient public service structure, warning that the country’s current bureaucratic bloat is draining resources and limiting funds available for critical capital investments.
“Today, Nigeria is highly indebted to the point that we service our debts with almost 80-90% of our revenue. We are not just a highly indebted country; we are borrowing to service the debts, further worsening our economic situation.
“The first requirement of debt restructuring is to look inwards and restructure…
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