An Economist and Public Affairs commentator, Dele Sobowale has said that going by the way things are going, Nigeria may become the first fourth world country.

Speaking while reacting to the state of affairs in the country, that Nigeria, with all the natural and human resources, had stubbornly remained in the third world.

According to him, the country is now in danger of creating a special category for itself, by becoming the world`s only fourth world country.

He said that the current federal government has put Nigeria`s present and future generations into debt as a result of its excessive borrowing.

According to him, morally, there is nothing wrong with borrowing, just as lending is also acceptable in every society.
However, he said that there is something wrong with failure to pay one`s debts and lending with exploitative interest rates that makes repayment a herculean task.

According to him, as it is with individuals, so is it with institutions and governments.

Borrowing is good so long as it is so well managed that it will not turn into debts for the unborn generation. When those in office regard the power vested in them as a personal prerogative, they inevitably enrich themselves , promote their families, favor their friends. The fundamental structures of the modern state are eroded like the supporting beams of a house after termites have cracked them. The people have to pay dearly for the sins and crimes of their leaders.

Readmore on http://irukkanews.com/index.php/2019/11/25/nigeria-may-become-first-fourth-world-country-sobowale/

I hope BMC and other Pmb supporters will be treated differently in the fourth world country, they have really tried.

nigeria about to write new Guinness record then.

I think this man is mad. My reasons are below.

1. China is giving the lowest interest rate on loans, far lower than what the US, EU, World Bank and IMF are requesting and Buhari has been borrowing from China.

2. China has made it a condition that it can only borrow you money to build infrastructure and not for recurrent expenditure unlike US, EU, World Bank and IMF that were borrowing Yar'Adua and Goatluck money to pay salaries.

3a. China has also made it a condition that if it is borrowing money, it must also help you build the infrastructure, saying that it will never give you cash. Instead, you bring your counterpart funding and China will add its part and build the infrastructure for you and with you. That is why you see China building Lagos-Ibadan Railway and some other infrastructure across the country.

3b. 3a. above is unlike the US, EU, World and IMF that will borrow the country money and then help our evil politicians to keep 90% of the money they supposedly borrowed the country in accounts in EU and US thereby using the money to support their drug addicted and homosexual citizens. 90% of the lons that Goaatluck Jonathan borrowed are in the accounts of imPatience Jonathan, Diezaini, Edwin Clarke, Nanadi Sambo, Col Dasuki Sambo, Kindsley Kuku and other national thieves.


So, for this so called Economist to be saying this rubbish at this time, it means he is mentally deranged. I think the man is already in his fourth world.

It's not that bad na. Haba!

According to him, the country is now in danger of creating a special category for itself, by becoming the world`s only fourth world country

Sadly, Nigeria is dangerously sliding towards this quote. Nigeria is in the same category with South Sudan, Central African Republic etc. Most African counties have left us behind.

There is nothing the backward king Buhari cannot do

Let's blame GEJ and PDP for that, because that's the most convenient thing to do

jahsharon:
I think this man is mad. My reasons are below.

1. China is giving the lowest interest rate on loans, far lower than what the US, EU, World Bank and IMF are requesting and Buhari has been borrowing from China.

2. China has made it a condition that it can only borrow you money to build infrastructure and not for recurrent expenditure unlike US, EU, World Bank and IMF that were borrowing Yar'Adua and Goatluck money to pay salaries.

3a. China has also made it a condition that if it is borrowing money, it must also help you build the infrastructure, saying that it will never give you cash. Instead, you bring your counterpart funding and China will add its part and build the infrastructure for you and with you. That is why you see China building Lagos-Ibadan Railway and some other infrastructure across the country.

3b. 3a. above is unlike the US, EU, World and IMF that will borrow the country money and then help our evil politicians to keep 90% of the money they supposedly borrowed the country in accounts in EU and US thereby using the money to support their drug addicted and homosexual citizens. 90% of the lons that Goaatluck Jonathan borrowed are in the accounts of imPatience Jonathan, Diezaini, Edwin Clarke, Nanadi Sambo, Col Dasuki Sambo, Kindsley Kuku and other national thieves.


So, for this so called Economist to be saying this rubbish at this time, it means he is mentally deranged. I think the man is already in his fourth world.

As far as I am concerned, your opinion on number 2 is wrong,Jonathan borrow less to pay salaries and the money for infrastructures was on ground then because budgetary spending is within what the federal government can afford, but buhari budgeted trillions,borrow trillions with nothing on ground,only to enrich directors and cronies. Jonathan built kaduna-abuja rail line with little borrowing while present government is building lagos-ibadan with massive borrowing.

We're already there

What baffles me is that pple are praising him on Nairaland.....the country is stagnant......5yrs and nothing to show for it.....yet they are still playing tribalism with the suffering

jahsharon:
I think this man is mad. My reasons are below.

1. China is giving the lowest interest rate on loans, far lower than what the US, EU, World Bank and IMF are requesting and Buhari has been borrowing from China.

2. China has made it a condition that it can only borrow you money to build infrastructure and not for recurrent expenditure unlike US, EU, World Bank and IMF that were borrowing Yar'Adua and Goatluck money to pay salaries.

3a. China has also made it a condition that if it is borrowing money, it must also help you build the infrastructure, saying that it will never give you cash. Instead, you bring your counterpart funding and China will add its part and build the infrastructure for you and with you. That is why you see China building Lagos-Ibadan Railway and some other infrastructure across the country.

3b. 3a. above is unlike the US, EU, World and IMF that will borrow the country money and then help our evil politicians to keep 90% of the money they supposedly borrowed the country in accounts in EU and US thereby using the money to support their drug addicted and homosexual citizens. 90% of the lons that Goaatluck Jonathan borrowed are in the accounts of imPatience Jonathan, Diezaini, Edwin Clarke, Nanadi Sambo, Col Dasuki Sambo, Kindsley Kuku and other national thieves.


So, for this so called Economist to be saying this rubbish at this time, it means he is mentally deranged. I think the man is already in his fourth world.

You will be alright sooner or later.

By the time BUHARI is done with Nigerians ,this country would be the only 10th world country

You mean hell annex?

I hope Dele sobowale doesn't want to spend the rest of his old age in kuje prison, he had better watch his mouth because we are in a dictatorship.

SalamRushdie:
There is nothing the backward king Buhari cannot do

Na waaaaoooo
The matter serious ooo

Nigeria is going small small

Hahahahahah!!!!! Wicked analysis

As in 4th world

ursullalinda:
What baffles me is that pple are praising him on Nairaland.....the country is stagnant......5yrs and nothing to show for it.....yet they are still playing tribalism with the suffering

Yoruba Muslims will cry in their huts because of hardship and chant sai barber on social media because of a phantom Tinubu 2023 presidency that will make them All millionaires

The northerners dare not speak ill of the dead wood in power because of tribal and religious bigotry...

Nigeria is dead already

At least we carry 1st for somtin. the guy about 6 place above me.@jah sharön saying china bla bla bla bla u are already in the 6th world. Nigerha wil sòon come and meet yhu there. By that tym u will be in the 10th world.

Due to PDP 16 years misrule and GEJ poor economy

PDP 16 years left a dept of 11 trillion naira, while APC 5 years presently have over 12 trillion dept. I hope your brain is functioning well ?

jahsharon:
I think this man is mad. My reasons are below.

1. China is giving the lowest interest rate on loans, far lower than what the US, EU, World Bank and IMF are requesting and Buhari has been borrowing from China.

2. China has made it a condition that it can only borrow you money to build infrastructure and not for recurrent expenditure unlike US, EU, World Bank and IMF that were borrowing Yar'Adua and Goatluck money to pay salaries.

3a. China has also made it a condition that if it is borrowing money, it must also help you build the infrastructure, saying that it will never give you cash. Instead, you bring your counterpart funding and China will add its part and build the infrastructure for you and with you. That is why you see China building Lagos-Ibadan Railway and some other infrastructure across the country.

3b. 3a. above is unlike the US, EU, World and IMF that will borrow the country money and then help our evil politicians to keep 90% of the money they supposedly borrowed the country in accounts in EU and US thereby using the money to support their drug addicted and homosexual citizens. 90% of the lons that Goaatluck Jonathan borrowed are in the accounts of imPatience Jonathan, Diezaini, Edwin Clarke, Nanadi Sambo, Col Dasuki Sambo, Kindsley Kuku and other national thieves.


So, for this so called Economist to be saying this rubbish at this time, it means he is mentally deranged. I think the man is already in his fourth world.

zis is hate speech

Danzakidakura:
PDP 16 years left a dept of 11 trillion naira, while APC 5 years presently have over 12 trillion dept. I hope your brain is functioning well ?

I can see the infrastructure that the loans Buhari collected is building. In the first instance, China did not even give loans in Cash, instead China use the loan to build the infrastructure for you. That's why you can see the construction of Lagos-Abeokuta-Ibadan Railways going steadily. Even the 2nd Niger Bridge that PDP could not build for 16 years, Buhari is building it steadily. The 30 years abandoned Lokoja-Itakpe-Warri Rail line was completed two years ago by Buhari. The Oyo-Ogbomoso expressway which was abandoned by PDP is being constructed by Buhari.

Can you mention what PDP did with the loans it collected apart from doing cosmetics surgery for Stella Obasanjo, buying $40 million jewelries for Diezaini and buying private jet for Pastor Ayo Oritshejafor and ex-militant Government Tompolo?

It takes discernment to understand this topic..

Lol at Nigeria..

You may have a safety net I understand. Monthly salary, pension, rent or whatsoever.

It is that bad with the personal finances of people who are not in a steady employment.

Nigeria should be fifth world country unless God helps you.

The kind of hatred emanating from comments in this nairaland.

This 4th world status would be an achievement for this government.

They continue to impoverish the people so that they can bribe, threaten physically and psychologically disarm them during elections so as yo continue to perpetrate themselves in power.

We want to create new category to classify Nigeria.

-Ok. But Nigerians like it that way. The majority are not complaining at least. Next!

Nah wa o.
What a disgraceful country.

Obviously apc people are senseless, unserious and confused.

Nigeria of our dream remains dream forever.
One Nigeria is a mistake.