While borrowing or obtaining from a lender a loan with the expectation of paying back over an agreed period of time digs a hole in the pocket of the borrower(s) or debtor(s) in the future, it is not always bad. However, the borrower(s) or debtor(s) has to be imbued with certain important characteristics (or call it variables) including (1) discipline, (2) self-awareness and (3) trustworthiness to avoid being crippled by the loan.
Recently, the new Nigeria administration released the budget for 2016 and plans to borrow over 1.84 Trillion Naira which is estimated at the rate of 20 Million Naira an hour in 2016. It therefore begs the imagination of Nigerians as to whether the current Buhari governmentreally have the discipline, public-trust and self-awareness required to judiciously apply the said loan, implement the part of the budget on the “so called infrastructural development” that it has been planned for. With the lack of a unified national belief system in Nigeria, the spirit, kit and keenness that every nation needs to grow, it seems pragmatically doubtful that the nationin its current state can truly generate the discipline and self-awareness required for this loan to be successful, so that it does not becomea millstone on future generations.
Rather than rush to maintain the status-quo of impulsive borrowing,which hasconsiderably constituted a monstrous economic nuisance for the country, the new administration clamoring for “change” should first engage the nation in adeep soul searching exercise so that the cart is not placed before the horse. This is because without genuine initiative at developing a Nigerian belief system, to inspire a national patriotic spirit, the nation will continue to run the vicious cycleof corruption that has plagued the system since independence in October 1, 1960.