NEWS
N55 trilion debt: My conversation with friend over constant borrowing – Pastor Adeboye
Published on September 27, 2021
By Ochogwu Sunday

The General Overseer of the Redeemed Christian Church of God, RCCG, Pastor E.A Adeboye has revealed his conversation with his former schoolmate, when he heard that Nigeria’s total debt has jumped to N55 trillion.

Adeboye, who spoke during a sermon at an interdenominational church service held in Abuja yesterday to mark Nigeria’s 61st independence anniversary and the 45th anniversary of the Christian Association of Nigeria, CAN, said he was shocked when he heard that President Muhammadu Buhari recently requested the approval of lawmakers for more external loan.

Speaking on the necessity of thanking God always, the renowned pastor said it was good to be optimistic that all will be well again.

He said, “I have a friend that we schooled about the same time and we were also born at about the same time. He is always optimistic about everything. When we heard that Nigeria was owing N55tn, he said ‘praise the lord’, and when I looked at him with a question on my face, he quickly said those who are praying for ‘one Nigeria’ are many and that the creditors know that if the country does not survive, they won’t be able to get their money back.

“When we later heard that the interest Nigeria has to pay on debt is 98 per cent of our total income and that even the Senate has approved that we should borrow more, he said ‘glory be to God’.
“I said how would you say glory be to God? He said ‘when what you owe is more than what you can pay, the creditors have a choice. It is either they forgive you your debts or you go ahead and declare bankruptcy. They get angry and then they come and seize the most valuable thing you have.’

“He said that the most precious thing the debtors can seize in this country is the Aso Rock. When I said, what is there to thank God for in that? He said ‘have you not been listening to the news that the President said he would love to visit Daura every two weeks?
“So, he told me that if they seize Aso Rock, his (Buhari’s) request would be granted, he won’t have to be visiting Daura every two weeks. He would just move the seat of power to Daura, his home town.”

DAILY POST reports that amid outcries from Nigerians over his constant borrowing, President Buhari, a few days ago, sought the National Assembly’s approval of another $4.054bn and €710million loan.

The move triggered backlash from Nigerians, as some attacked the President, accusing him of intending to sell the country.

Recall that former President, Olusegun Obasanjo while reacting to the move for fresh loan, berated Buhari, saying that borrowing to accumulate debt for the next generation is criminal.

https://dailypost.ng/2021/09/27/n55-trilion-debt-my-conversation-with-friend-over-constant-borrowing-pastor-adeboye/

Buharri should be allowed to borrow, the part that retains the name Nigeria after disintegration will pay off the debt.

vanbonattel:
Buharri should be allowed to borrow, the part that retains the name Nigeria after disintegration will pay off the debt.

Funny response.

Nigeria is banking on debt relief, unknown to them Chinese don't care about that

Keep borrowing to build rails for Nigerie...

They are going to pay back infull with their teeths...

Is he trying to be funny, cause e no enter.

Even the life that we have is borrowed.

Do we have anything on reserve?

The loan is 98% of income but the income is only 5% of what it should be.
Only 10 million Nigerians are paying taxes.

Increase the income because the loan is necessary.

Govts should collect their taxes diligently. That is actually the first duty of government.

Lol

okooo

PMB ride on, the debt owed by successive administration has been forgotten. At high oil prices Nigeria was still borrowing money under Jonathan. PMB understands without infrastructure, we can not succeed economically.

The N55 trillion was accumulated over the years and it also includes debts incurred by State Government. The people deluding you never give you the information required to make discerning opinion on things.

vedaxcool:
PMB ride on, the debt owed by successive administration has been forgotten. At high oil prices Nigeria was still borrowing money under Jonathan. PMB understands without infrastructure, we can not succeed economically.

The N55 trillion was accumulated over the years and it also includes debts incurred by State Government. The people deluding you never give you the information required to make discerning opinion on things.

Showing an August 2016 news paper to counter claims on just 6trillion incomes really does not make sense.

Aidejay:
Is he trying to be funny, cause e no enter.

No, he is not trying to be funny.
Takeaways from the write up:
1. The country still want to borrow even when its debt is being serviced (interest) with 98% of the nation's total income. Example, imagine your take home at the end of the month is #30,000. You collected a loan which requires you to pay an interest of 98% of your salary (#29,400) and you retain 2% (#600). With the nothing (2%) that you have, you are still planning to take more loans. How will you pay the interest of the new loan?
2. If you can't pay back what you have borrowed, your borrower will come take your valuables. Tell me the most valuable assets in Nigeria? Personally, I don't see Nigeria as an innovative country in the world of innovation. What will our borrowers seize? The only thing that they will seize is the seat of power (Aso Rock). They must collect every income coming into the country so as to recover their money.
3. According to the writer's friend, the president once said he would have loved to be visiting his hometown every two weeks. If the borrowers take over Aso Rock, part of the president's wish would have been granted because he wouldn't have to only travel to his hometown every two weeks but will be there permanently as there will be no presidential seat for him since a new government has emerged due to his incessant borrowing.
I hope I have been able to convince and not confuse you that the writing 'enter'.
If you no still understand after this mini explanation, just know say I no be who go fit help you.
Tankiu!

vedaxcool:
PMB ride on, the debt owed by successive administration has been forgotten. At high oil prices Nigeria was still borrowing money under Jonathan. PMB understands without infrastructure, we can not succeed economically.

The N55 trillion was accumulated over the years and it also includes debts incurred by State Government. The people deluding you never give you the information required to make discerning opinion on things.

Borrowing 6 trillion in just one year is pure disaster ..

Okay