The Federal Government and various state governments have added N57 trillion to their debt in the last 18 months. This significant increase raises concerns about fiscal sustainability and the economic impact on the nation.
The rise in debt may lead to higher costs for servicing loans, which could divert funds from essential services. Additionally, persistent borrowing might undermine economic stability and investor confidence.
As the situation unfolds, stakeholders are urging the government to adopt more prudent financial management strategies to reduce reliance on borrowing. Addressing these challenges is crucial for ensuring long-term economic stability.
