In Nigeria where I'm from people don't actually owe loans, they systematically find a way to borrow, from the rich to the poor because they can't provide commercial banks with collateral, so the best thing they do is collect from cooperatives and then start paying up huge interest on monies that didn't even serve any purpose. The government are the ones that mostly borrows and the truth is despite how rich we are, we're wallowing in debt and poverty and there's no plan on how to pay back

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