{"id":16543,"date":"2021-10-09T17:13:15","date_gmt":"2021-10-09T16:13:15","guid":{"rendered":"https:\/\/dailynews24.ng\/?p=16543"},"modified":"2021-10-09T17:13:15","modified_gmt":"2021-10-09T16:13:15","slug":"prp-frowns-at-nigerias-continuous-borrowing","status":"publish","type":"post","link":"https:\/\/dailynews24.ng\/prp-frowns-at-nigerias-continuous-borrowing\/","title":{"rendered":"PRP frowns at Nigeria\u2019s continuous borrowing"},"content":{"rendered":"
The Peoples Redemption Party on Saturday in Abuja frowned at continuous borrowing by the Federal Government to fund national budgets.<\/strong><\/p>\n National Chairman of the party, Mr. Falalu Bello, told newsmen that it is wrong for any nation which spends a larger percentage of its revenue on debt servicing to borrow further.<\/p>\n \u201cAny individual who does that will be said to be heading for bankruptcy. This means a country will have no means of financing growth and development of the economy with almost certainty of social malaise.<\/p>\n \u201cContinuous borrowing in the face of reduction in revenue is wrong and akin to mortgaging the Nigerian future and taking the nation into servitude.<\/p>\n \u201cThe Nigerian government is currently faced with a lot of problems from both the economic and social perspectives.<\/p>\n \u201cA persistent double digit inflation rate which continuously lowers the purchasing power of the population and a 45 per cent youth unemployment rate are ominous signs,\u2019\u2019 he said.<\/p>\n Falalu said to tackle the problems, government should look for alternative means of generating more revenue.<\/p>\n The party chairman suggested diversification of the economy through non-oil revenue sources.<\/p>\n\n