Micheal Diongoli, a financial expert and analyst, has questioned the rationale behind the federal government’s move to borrow over $8 billion dollars to carry out projects across states.
According to the financial guru, the debt profile of the country is already alarming, with over 86 trillion Naira, borrowing more money will plunge the country into avoidable hardship.
Diongoli said the only way out of impending financial doom is to move from being a primarily consuming nation to a production nation with tax considerations.
Michael Diongoli says Nigeria is a blessed nation with numerous resources; natural and human, and thus, the government must be deliberate to manage all resources, particularly our human capital potential.
He advised that the government explore our human capacity, particularly in the technological space, agriculture, and other areas.
He posits that we must be conscious to diversify and harness other financial prospects.
In this light, the financial analyst advised the government to explore the tech economy and introduce more youth to this vast economy to create more independent business owners capable of earning in currencies beyond the Naira.
In his concluding statements, Michael Diongoli commended the President, Bola Ahmed Tinubu, who led the federal government in its initiative thus far and urged the government to do its best to consolidate its efforts.
