According to an article in the Sun, Dr. Oby Ezekwesili, a former vice president of the World Bank, expressed her sadness over the political class’s theft of public funds and showed empathy for the difficulties faced by families. She emphasized the detrimental effects of high debt on the country, stating that focusing solely on the debt-to-GDP ratio is insufficient given the GDP structure, size, and breadth of the nation.CONTINUE FULL READING>>>>>
Ezekwesili argued that a more relevant measure to consider is the ratio of tax revenue or total revenue to debt, highlighting that this ratio has risen from 80% and continues to increase.
She emphasized the need for prudent management of the country’s finances, considering its debt burden and economic realities.
According to Oby Ezekwesili, “I am a pastor’s wife, so I get to be in the midst of all segments of society. I know what families are going through. I cry every day because of that, I cry when we read some of the texts that my husband, as pastor of a church, gets and to see the political class of this country being totally reckless with scarce public resources.
A country that is highly leveraged, being highly leveraged means that we are overburdened with debt, we are crumbling under the weight of debt. When you talk about debt, and these guys begin to tell you debt to GDP ratio, that’s an incredible nonsense, because that is not the important indicator you use when you don’t have the kind of GDP base and structure of economy and revenue size and scale that those in advanced economies can do. What you are paying attention to is tax revenue, or total revenue to debt, and the total revenue to debt has gone from 80% to any numbers that are higher than that.”CONTINUE FULL READING>>>>>
