Nigeria Teetering on the Edge of Bankruptcy

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Clem Oladehin, an economist and investment banker, has warned that Nigeria is edging toward bankruptcy, regretting that President Muhammadu Buhari’s government is making political decisions at the expense of the economy, Hallmark News reported. Oladehin pointed out that the continued payment of fuel subsidies is having grievous effects on the economy, even as he noted that policy inconsistencies on the part of the government are hampering investor confidence. “Subsidies are undermining the little growth achieved before,” said Oladehin. “Government is making political decisions to the detriment of growth and development.” Oladehin warned that Nigeria is heading the way of Sri Lanka if subsidies are not not discontinued. “Continuing with subsidies will eventually cripple the country and produce the Sri Lankan effect. Government should develop a wholistic policy,” he said. Read more.