Why do we go to Borrow $1 Billion to fight Insurgency when Jonathans friends could dash him 21 Billion Naira for Election Campaigns? Even Bakare says Also, whereas growth has supposedly remained strong, we have never been as indebted as we are now since our exit from the Paris Club with a $3.5 billion external debt and a N2.2 trillion naira domestic debt even though what the debt has been used to achieve remains to be seen. Considering the negative correlation between growth and public debt, does this not suggest a statistical window-dressing of our claims of growth? Why do we store our excess earnings in foreign reserves that give us a paltry 3% interest while we accumulate debt at an average interest rate of 13-15%? Even worse is the fact that, according to Chatham House, oil theft averages $3-8 billion annually. Yet, this monumental loss of an industrial scale does not reflect negatively in our growth claims. Definitely, some voodoo economists are cooking our books.
Posted on: Sun, 04 Jan 2015 18:48:23 +0000