Nigeria Road To Greece (Part 2) – Cade Agbugba

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(NIGERIA MOMENT).

While the country has been busy with the talking point of which region the president favors and which region he don’t,  I believe that election has consequences and that a president should choose his team and be judged 4 years later on his actions.

We thus, ignore the real problem facing the country today.

Most state governments already owes more than their great grand children will be able to payback. In other words, a generational theft use to pay past salaries.

Central Bank of Nigeria (CBN ) just approve loans to 27 states to pay outstanding salaries at an interest rate at 9% over a period of 20 years, and

Debt Management Office (DMO) converted debts of 11 states to a long term bond at a rate of 14.83% payable over 20 years period and

The federal government alone pays about N1 tn for debt services each year.

If we don’t find FAST & QUICK smart people, that will lead the economy away from Niger Delta oil addiction and start creating a sustainable future Nigeria will be worst than Greek pretty soon.

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By Cade Adams Agbugba

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