Economist Prof Akpan Ekpo has stated that Nigeria does not have to rely on continuous borrowing, emphasizing that it is not the only available option. He made the remarks in an interview aired on Arise Television on Friday, as monitored by DAILY POST. According to Ekpo, if Nigeria's revenue base is expanding, the government can redirect those funds into initiatives that improve citizens' lives. He argued that sustainable debt levels would reduce the need for constant borrowing, suggesting that current borrowing patterns are inappropriate.
Ekpo questioned the justification for ongoing loans, asking whether sufficient studies have been conducted to support such financial decisions. He pointed to alternatives like contractor financing and public-private partnerships as viable models. The economist warned that continuous borrowing shifts the repayment burden to future generations. "When you keep borrowing, who will pay? Our generations yet unborn. They won't be happy with us when we have accumulation of debts waiting for them to pay," he said.
He reiterated that borrowing should not be the default solution for funding national projects. Instead, he urged a more strategic approach to financing, one grounded in research and long-term planning. Ekpo maintained that with proper revenue management, Nigeria can pursue development without deepening its debt profile.
Prof Akpan Ekpo criticizes Nigeria's borrowing habits while acknowledging public-private partnerships as an alternative, yet offers no evidence that past partnerships have succeeded under similar fiscal pressures. His warning about burdening future generations assumes current borrowing is wasteful, but he does not cite specific loans or projects that justify this claim. If revenue growth is the solution, it remains unclear how Nigeria achieves that without upfront investment in the absence of borrowing. The argument hinges on ideal conditions without addressing why those conditions have not been met in practice.
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