"Borrowing And Lending" Living Beyond The Means: How Are Government And Citizenry Guilty?

17 days ago
5 Min Read
962 Words

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In Nigeria money is often seen as a means to an end by a large percentage of people, sometimes people don't see how money should be cyclical and a result of this they don't plan for when there's no money to spend, they only plan on the period of spending and that period alone. When people do not have a means to spend they actually go to borrow from cooperative societies and retail lenders, agreeing to pay with quite incredulous interest because they want to meet a particular need at the moment. This Mindset is often sometimes that I can synonymise with poverty.

You see people people are not futuristic, they live for the moment and become a financial burden to others when they're actually dead. Some days ago I read a post by @tarazkp titled; Buy now, Pay forever and this awakened my senses as to how people treat money as a sole commodity to satisfy their instant need and rather prefer to stay in debt, borrow with no means as to how to pay back.

People live lives that would often shake their pocket and leave them penniless, in Nigeria a person easily makes a decision to borrow money to conduct a child naming ceremony, borrow money to buy expensive cloths and borrow money to appease appearances while still remaining jobless without a means to live. Now one of the Only reasons why I will borrow money is because I want to earn from whatever purpose I'm borrowing money for this means I'm giving money a meaning beyond being a commodity to gratify my needs alone. The future is dicey and uncertain and some of our actions might bring the end of the future before the future even comes, apart from people, the Nigerian government are high borrowers too despite having numerous means to create wealth.

From the IMF to the world bank Nigeria's debt is not less than 87 billion dollars and the president, Mohammadu Buhari has put in another loan request of not less than 2 trillion naira, accumulating debts with no plans to pay back. These debts have effect on the economy, the national assembly runs a bicameral legislature more than 500 hundred people are being paid for actually doing nothing. The president's health bills is currently being sponsored by the nation and as a sick man he should resign to foot his own medical bills but he's feeding off the country and when they have finished spending the country's revenue generated by her oil and agriculture, they revert back to borrowing money from international banks while diverting the money to hoax or ghost projects and embezzling it for fun.



What does this really mean for the future? Nigeria's natural resources are the collaterals used to borrow all these monies. The commercial banks in Nigeria hardly gives people loans to individuals who have businesses so they can thrive, they borrow loan to people based on the collateral at hand and while I feel commercial banks should somehow serves as angel investors to individuals who have solid business proposals that could yield dividends be responsible for even providing job opportunities I think the central bank of Nigeria should also do this, rather all they do is to create money out of thin air, bask in inflation at the expense of people who suffers the effect of the actions of government monetary policies.

So while the government is borrowing, people are borrowing, and creating wealth for international and local lenders who becomes vastly rich from enjoying almost 30 to 40% interest rates. In truth the future is at risk and the Nigerian naira is at risk of becoming valueless in the near future. The government are piling up debts and leaving it for the future government to take care of. The nation is rich in oil and agriculture but these monies are taken, stored by corrupt officials in foreign bank account leaving the nation broke with no money to finance her yearly target.

With people, the citizens, they are constantly becoming poorer by borrowing money and living beyond their means. As for me I feel Nigeria as a country needs to cut down on ostentatious spending and when there's spending then there should be a viable means to pay back. Nigeria's federalism is too expensive to run and too much personnels in government means spending beyond our means, Spending more than our revenue and relying on loans to continue the expenses. Change needs to come and if not the future will be worse irrespective of any change made in the future.

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My name is @Josediccus, a young Nigerian student who is a Vlogger, A Psychologist, Poet And Sports Writer/Analyst. I'm using my contents as a process to create shared meaning as well as create expressions through which people on/off hive can relate. I believe content is a process to be enjoyed and relished and I'm up for any collaborations in my field stated above. Cheers

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