Borrowing, oil theft may plunge Nigeria into bankruptcy, Adeboye warns

Pastor Enoch Adeboye of the Redeemed Christian Church of God (RCCG) has decried the excessive borrowing by the Nigerian Government and continued stealing of the nation’s main source of wealth, crude oil.

He warned that if the dangerous trend was not checked, it could plunge Nigeria into bankruptcy.

Daddy G.O, as Pastor Adeboye, as followers fondly call him, made this known during his service sermon on Sunday.

The cleric warned that the country’s debt-to-service revenue ratio might pose danger for decades.

Pastor Adeboye noted that over 90 per cent of Nigeria’s revenue from crude oil sales was being used to service interest accruing on debt.

He said, “We are borrowing more, and according to a friend of mine, we are moving steadily towards a state of bankruptcy, a whole nation.

“That is why we are going to pray so that our children and children’s children do not keep paying debt. We are still borrowing.”

Nigeria’s total debt stock is projected to reach N45 trillion with the plans by the Debt Management Office (DMO) to borrow N6.39 trillion to finance the 2022 budget deficit.

The DMO had earlier said the country’s total debt stock as of December, 2021 was N39.55 trillion.