Iba Gani Adam, the Aare Onakakanfo of Yorubaland, issued a warning that Nigeria is quickly becoming a country that begs.
Adams stated that unless the Nigerian economy decreases its needless debts and borrowings, the nation may continue to be crippled during the grand finale of the Ajagunmale festival in Lekki, Lagos.
He 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.
“With all these unnecessary borrowings and loans, they have turned Nigeria into a beggar country,” he noted.
