Popular television host, Rufai Oseni, on Friday became emotional while lamenting the state of Nigeria’s economy.
During the Arise TV Morning Show, Rufai wondered how Nigeria became a chronic borrower.
Speaking on the programme, Oseni recalled a time when Nigeria was financially strong enough to lend money to international institutions, contrasting it with the current reality of the country’s economy.
He said, “I cried for Nigeria this morning. Let me read something to you and show why I sometimes raise my voice about this country.
“On December 24, 1974, Nigeria signed a long-term borrowing agreement with the World Bank. Under that agreement, Nigeria provided $240 million in net resources to the World Bank Reserve.
“We were lending money to the World Bank to support development in other countries. We also lent $120 million to the International Monetary Fund, IMF. What happened to this country?”
Oseni’s remark is coming amid ongoing concerns over continuous borrowing by the Federal Government as Nigeria’s debt profile continues to rise.
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