approaching

There are concerns that at the rate at which the federal government is accumulating debt, without commensurate investment in infrastructure, the country may plunge into a debt trap, writes Obinna Chima

Since President Muhammadu Buhari re-presented the 2016-2018 $30 billion External Borrowing Plan of the federal government to the Senate for approval last week, there have been concerns that the country may be heading towards a debt trap.

A debt trap is a situation in which a debt is difficult or impossible to repay, typically because high interest payments prevent repayment of the principal.

Nigeria, less than two decades …