The Powers that Be in Nigeria have again presented the 2016-2018 External Borrowing Plan to the 9th National Assembly. The 8th National Assembly had approved part of the borrowing plan which now targets $29.96 billion, even as the International Monetary Fund(IMF) has warned on the country's rising debt profile.
However, government is going ahead with the plan on as if all is well, even though the negative economic situation is visible for all to see. The right thing for government to do, is to account for funds borrowed from 2015 till date and review the activities of those contracted to take advantage of the country's economic weaknesses for selfish benefits, without adding value to the economy.
The unfolding events are indications that both chambers of the National Assembly are gradually becoming an extension of the Executive. Shall this be to the benefit of millions of Nigerians, it is doubtful.
