Financial Expert Questions Federal Government’s $8 Billion Borrowing Plan for State Projects

Michael Diongoli, a financial expert, has raised concerns about the federal government’s decision to borrow over $8 billion for various projects across states. Diongoli, questioning the rationale behind this move, highlighted the already alarming debt profile of the country, standing at over N86 trillion. He expressed apprehension that further borrowing could lead to avoidable hardships for the nation.

Diongoli suggested that the key to averting impending financial challenges lies in shifting from a primarily consuming nation to a production-oriented one, emphasizing the importance of tax considerations. He emphasized Nigeria’s abundance of resources, both natural and human, and urged the government to be intentional in managing these assets, particularly its human capital potential.

The financial expert stressed the need for diversification and harnessing various financial prospects, proposing a focus on Nigeria’s human capacity, especially in the technological space and agriculture. Commending President Bola Ahmed Tinubu and the federal government for their initiatives thus far, he encouraged further efforts to consolidate and explore the tech economy.

Diongoli argued that Nigeria must be mindful of diversifying its economy to tap into other financial opportunities. He suggested the government’s exploration of the tech economy, urging the introduction of more youth to contribute to its vast economy. This, he believes, will create independent business owners capable of earning in currencies beyond the Naira.

As the federal government considers its borrowing strategy, Diongoli’s insights underscore the importance of a strategic and diversified approach to navigating the economic landscape.

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