https://punchng.com/budget-2023-proposals-portend-impending-catastrophe/
-- Punch: "Ahmed confessed that in fact, government has been spending 119 percent of its earnings; meaning that it has been borrowing to repay debts! The federal and state governments borrow to pay salaries"
This frightening situation ordinarily depicts a condition of insolvency but since the government was still able to borrow to pay interests, does it imply that its lenders still consider it a viable, manageable, risk? Is this a silver lining? That Nigeria is pseudo-solvent but, at least, hopefully, not yet bankrupt, or are we?
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