Former House of Representatives member Dachung Bagos has raised concerns over Nigeria’s escalating debt levels, describing the Federal Government’s borrowings as dangerous. Recently, President Bola Tinubu requested a ₦1.77 trillion ($2.2 billion) loan, which the Senate approved, sparking public concern. Bagos, who represented Jos South/Jos East, questioned how Nigeria would manage repayment amid economic challenges.
In an interview, Bagos criticized Nigeria’s borrowing habits, pointing out that the country is not industrialized or export-driven, making debt repayment challenging. He likened Nigeria’s borrowing practices to constantly borrowing for daily expenses, which he considers unsustainable.
With tax reforms planned by President Tinubu expected to take effect next year, Bagos warned that these might place added burdens on Nigerians. He cautioned that Nigeria’s debt-to-GDP ratio could approach a risky level of 10%, which could threaten economic stability.