Governors elected on the platform of the Peoples Democratic Party on Monday raised an alarm over the rate at which the federal government is borrowing money to fund projects in the country.
They said money should only be borrowed for productive purposes as Nigeria’s current debt of over N36 trillion is becoming clearly unsustainable relative to our earnings and GDP.
The governors decried that the debt profile of Nigeria with over 80 per cent of normal appropriation spent on debt servicing was rising and becoming uncontrollable.
They faulted the operational system and methods of the Central Bank of Nigeria which they claimed was functioning as an independent government-within-a-government.