YMonitor issue 63: Overload

Different varying definition exists for this concept inclusive the “detty” one that’s on your mind, hides-face. However, the one that concerns us right now is the overburdened loan collection by the Nigeria Government, at an alarming rate even the way the loans have been collected on behalf of Nigerians, scratch-that, their gain.

We’re unsure of the kind of black magic also known as juju these loans givers have used to charm our Government as they keep going back for more. “We never tire to use loans to fix up problems”.

At the tail end of it, we never hear facilitating loans, or have you? We never hear, retiring loans, have you? We never hear budget, not being funded by loans, have you? Tell us what we don’t know.

So that it means that Nigeria is currently living beyond its means, then. Similar to the stories of those sugar boys, who borrow money from their rich friends to jaiye foreign, to turn themselves to temporary Elegushi Spenders, living from pockets to mouth, no reservoir, no savings.

More importantly, this overload story is the story of those Elegushi Spenders, the story of Nigeria, the story of Overload.

The Senate on Tuesday approved the $5,513,000,000 external loan request submitted to it by Buhari last Thursday. Following another approval by the House of Representatives of another request by the President, for the Federal Government to borrow foreign loans totalling $22.79bn.