I think that one of the major reason why you're making this assumption that it's foolish to take up loans is because you don't know what this loans are used for and possibly don't understand that most African countries and even some European countries that appears to be doing well better than us economically owes more debt than Nigerian in terms of the loans they owe IMF and other international monitory agencies
On the IMF list of countries that owes them, Ghana is still owing at least 2.3 billion, Costa rica and Cote devoir are owing at least 2 billion. Even Egypt and Ukraine are owing 20 billion and 10 billion respectively while Nigeria is owning just 920 million.
Even though from the world bank angle they might be toping on the list even though they aren't even on the top 10 (if my findings isnt wrong), we've got to know that in terms of population and economy point of view they aren't doing bad with the extent at which the collect loans.
The main issue is, "what do they make use of these loans for? If the loans was used for better economic purposes like making sure that our refinaries are functional or that we're creating more systems that increases our economic strength, that would have been the best but what's mostly the case is that we take up loans from international financial organizations and end up embazling them without creating any positive system from it.
The US and other top countries that are doing well economically are still indebted but the difference is with the effective utilization of the debt.
You're not getting my point, I never said it's foolish to take loans, many developed countries are indebted to World Bank or other top developed countries, infact the only country I'm aware are without debt is Singapore theyre one of the fastest developing country in Asia i don't know about others.
I'll like you to read the topic then the content and understand it better, so you'll not give a wrong impression to others, taking loans is not a bad idea it has lots of benefits to a developing country especially one like Nigeria but taking it for a wrong course can be described as foolishness.
What has our previous and present leaders done with the loans they took? How would they pay it back? Are we producing anything apart from petroleum to pay the loans back? There are many questions to be asked but I'll leave only those ones, and instead of using the loans for good course they used it to acquire unnecessary things like private jets, build another vice presidential house worth millions of dollars when the previous one is still intact, buy another sophisticated car for the president instead of the maybach others used bro our leaders are foolish and greedy there's nothing to justify their foolishness.