Chief Martin Onovo, a former presidential candidate and oil sector expert, has criticized the government’s handling of the bond, arguing that borrowing alone cannot stabilize the Naira and stated that increased productivity and reduced corruption are key to achieving long-term economic stability....CLICK HERE TO CONTINUE READING.>>
The Nigerian government’s recent Eurobond issuance has brought diverse reactions among experts.
Thank you for reading this post, don't forget to subscribe!While the bond was oversubscribed at $9.1 billion, securing $2.2 billion for the country, concerns remain about its impact on the Naira and the economy.
The oversubscription of the Eurobond marked Nigeria’s return to the international bond market after a two-year hiatus.
However, Onovo expressed concerns about the terms of the bond and highlighted the high interest rate of over 9.6%, which he claimed is far above global standards for similar sovereign debts.
Onovo further criticized the government’s approach, accusing it of financial recklessness.
He said the country’s debt profile has surged from N77 trillion to over N136 trillion under the current administration, according to him, the Eurobond proceeds are viewed as a temporary solution but could worsen the economy in the long run if not properly managed.
“The Jagaban Tinubu regime is most definitely too corrupt and too incompetent to understand this. The Eurobond proceeds are a loan that must be paid.”
“The Tinubu regime, in its desperate corruption and stark incompetence, has already pushed the country to a debt of over N136 trillion from the N77 trillion that it met.”
“No amount of funds can be sufficient for the incompetent, corrupt and profligate Tinubu regime. In its incompetence, the regime perceives the bond as a grant,” he said.…..For More READ THE FULL ARTICLE HERE ▶▶
