The Aareonakakanfo of Yorubaland, Iba Gani Adams, weekend, warned that huge and unrestricted borrowings had been the bane of the Nigerian economy, saying until Nigeria reduces its unnecessary loans and borrowings, the country might end up becoming a begging country.
Adams said this at the grand finale of the Ajagunmale festival, held in Lekki, Lagos.
The Yoruba generalissimo said: “Unrestricted borrowings have been a huge burden that has crippled the Nigerian economy. Nigerians can feel the hardship in all spheres of the nation’s economy.
DMO said Nigeria’s debt stock rose from N42.84 trillion in June, to N44.06 trillion in September.
The total debt stock comprises total domestic and external debt stock of the Federal Government, state governments and the Federal Capital Territory.”
