It is not a hidden thing that Nigeria is out to borrow money from Brazil to the tune of 1.2 billion Dollars. The country (Nigeria) may have good reasons to borrow such huge amount of money but where the problem is would be the management of such huge loan. We (Viewers Corner News team) had in the past written articles on this topic, there is nothing wrong borrowing money to finance viable projects which would in the long run yield returns and out of these returns, the borrowed loan can be repaid but in Nigeria, those managing the borrowed money are most likely going to mismanage it which would bring the country (Nigeria) back to square one. This is not the first time Nigeria is borrowing money to finance projects in the country (Nigeria) and at the end it would be misused. Borrowing money the way Nigeria is doing at every opportunity that comes her way would put the future generations of Nigeria in difficult position, hence Viewers Corner News team is calling on the federal government of Nigeria to have a strict lay down rule when money is to be borrowed or has been borrowed and follow such formula to the end if really the federal government wants to make progress in the country (Nigeria). In our (Viewers Corner News team) opinion, if this huge amount of money (1.2 billion dollar) is giving to Nigeria as the country is proposing, then in few years most probably the story would be different because those managing the borrowed money would not be able to account for it and how it was spent, therefore caution should be applied on issues of taking loans in Nigeria. If you look at Nigeria’s debt, it has already reached an alarming stage which may in the long run affect the country badly.
Source: Viewers Corner News.