In a recent statement via his official X account, former Senator Shehu Sani has expressed his concerns over Nigeria's continuous growth of debt.
Sani's statement has brought discussions about the country's economic future.
He warned about the dangers of Nigeria's increasing reliance on external loans.
"Debt to GDP ratio crossing the 50 percent mark is a disturbing signal for the economy. Getting into the trap of IMF and World Bank is easier than getting out of it. Debt slavery is on the horizon. We must be careful," Shehu Sani wrote.
Sani's statement comes as a result of rising concern over Nigeria's financial health.
The country's debt has been steadily increasing, leading to worries about long-term economic stability.
Many experts share Sani's concerns about the potential consequences of high debt levels.
His choice of words highlights the seriousness of the situation.
According to Sani, the country must act with caution to avoid falling deeper into debt.
He urged the government to take immediate steps to address the issue.
The former senator's comments has brought discussions and reactions.
Many agree with his assessment, pointing to the risks associated with high debt.
They believe that Nigeria should focus on sustainable economic policies.
Nigeria's debt-to-GDP ratio exceeding 50 percent is a significant milestone.
It indicates that the country's debt is now more than half of its total economic output.