Greece, in recent time, has reneged on the repayment of its national debt on many occasions. For instance, in 2017, Greece was embarrassed by her inability to meet debt obligations and was bailed out by the European Central Bank and the International Monetary Fund. The debt crisis has even cost top Greece leaders their political careers. In most cases, the Greek government spent beyond its means – i.e. sustained deficit spending and corresponding nasty outcomes. Unfortunately, the Nigerian government is neck deep in debt recklessness and faces the Greece-like crisis in the near term if the current trend persists.
With the Nigerian debt, both the Federal Government and states, now exceeding $71bn and N14tn for external and domestic debt respectively, debt service costs alone gulping about 66 per cent of government’s revenue in 2017, lenders and taxpayers are questioning the…
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