Tinubu’s borrowing and the road to slavery

Borrowing means taking or receiving something from someone else with the intention of returning or repaying it. A person will most likely default on repayment if the person borrows more than the person can pay. A person gradually becomes insolvent when the person literally lacks the financial means or assets to pay back what the person owes. A person is delinquent when his payment becomes overdue, and this represents an intermediate step before final default. A borrower becomes drowned in debt when he has taken on more obligations than he can manage. The best test for solvency is whether a person’s revenue is able to finance his cost of borrowing. If not, the person is heading towards sl...