N55 trilion debt: My conversation with friend over constant borrowing – Pastor Adeboye



The General Overseer of the Redeemed Christian Church of God, RCCG, Pastor E.A Adeboye has revealed his conversation with his former schoolmate, when he heard that Nigeria’s total debt has jumped to N55 trillion.


Adeboye, who spoke during a sermon at an interdenominational church service held in Abuja yesterday to mark Nigeria’s 61st independence anniversary and the 45th anniversary of the Christian Association of Nigeria, CAN, said he was shocked when he heard that President Muhammadu Buhari recently requested the approval of lawmakers for more external loan.


Speaking on the necessity of thanking God always, the renowned pastor said it was good to be optimistic that all will be well again.


He said, “I have a friend that we schooled about the same time and we were also born at about the same time. He is always optimistic about everything. When we heard that Nigeria was owing N55tn, he said ‘praise the lord’, and when I looked at him with a question on my face, he quickly said those who are praying for ‘one Nigeria’ are many and that the creditors know that if the country does not survive, they won’t be able to get their money back.


“When we later heard that the interest Nigeria has to pay on debt is 98 per cent of our total income and that even the Senate has approved that we should borrow more, he said ‘glory be to God’.


“I said how would you say glory be to God? He said ‘when what you owe is more than what you can pay, the creditors have a choice. It is either they forgive you your debts or you go ahead and declare bankruptcy. They get angry and then they come and seize the most valuable thing you have.’


“He said that the most precious thing the debtors can seize in this country is the Aso Rock. When I said, what is there to thank God for in that? He said ‘have you not been listening to the news that the President said he would love to visit Daura every two weeks?


“So, he told me that if they seize Aso Rock, his (Buhari’s) request would be granted, he won’t have to be visiting Daura every two weeks. He would just move the seat of power to Daura, his home town.”


Amid outcries from Nigerians over his constant borrowing, President Buhari, a few days ago, sought the National Assembly’s approval of another $4.054bn and €710million loan.


The move triggered backlash from Nigerians, as some attacked the President, accusing him of intending to sell the country.


Recall that former President, Olusegun Obasanjo while reacting to the move for fresh loan, berated Buhari, saying that borrowing to accumulate debt for the next generation is criminal.

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