EMOTIONS ran high, Monday, as foremost Economist, Mr Henry Boyo, lamented the country’s huge debt profile estimated at N6.6 trillion, fearing that it might take about three generations to pay the debt.

Speaking at a roundtable dialogue to mark the first anniversary of Occupy Nigeria protest with the theme: “Nigeria’s fiscal and monetary crisis: The way forward,” in Lagos, Boyo said: “It will take the Federal Government a little over 70 years to be able to repay its official debt which presently stands at N6.6 trillion.”

Boyo, who disagreed with officials of the Central Bank of Nigeria, CBN, over inflation rate, management of excess liquidity and other monetary policies affecting the economy, accused the CBN of not taking necessary steps to galvanise the economy.

He spoke as the apex bank countered that it was doing all within its power to regulate the economy.



Boyo listed high interest rates, depreciating naira, high rate of smuggling and capital flight, low capacity utilization, low employment and inadequate power as factors responsible for the dwindling state of the economy.

He said: “We have a total of N6.6 trillion as debt and you must know that they will be paid by our generations yet unborn. No economy can grow with these factors. All these factors I have mentioned are triggered by poor framework and responsible for the state of our economy. The CBN is also not doing anything to galvanise the economy.”
[Vanguard]


http://dailypost.com.ng/2013/01/15/it-will-take-nigeria-70-years-to-pay-of-n6-6-trillion-debt-henry-boyo/?wt=4

Will this Nigeria as we see it today last for the next seven years?

confusion247: Will this Nigeria as we see it today last for the next seven years?

Ask Mr. Henry Boyo pls not us.

Save the Naira, save Nigerians - Henry Boyo a.k.a Les Leba...

This is a credible man who speaks with facts, though I do not agree with him all the time, I respect his contributions.

if OBJ did nothing at least he cleared the mess of debts.its quite unfortunate that when debts keep accumultaing and the economy is not thriving enough to be in a position to pay the debts in future then we shdnt be surprise with the assertion of mr boyo.in Nigeria, loans are obtained by fg and states for embezzlement not necessarily to produce infrastructure that will allow the economy to thrive. so i agree with this man 100%.