In Nigeria, lending or borrowing money has become a common practice among friends, colleagues, and family members. However, this often leads to disagreements, disappointments, and fights involving money. According to a famous line of advice by Lord Polonius in William Shakespeare's play, Hamlet, "neither a borrower nor a lender be for loan often loses both itself and friend." This saying has proven to be true in many cases, as people struggle with repayment and maintaining relationships.
Many individuals have experienced problems with friends and family members who borrowed money and failed to repay. Mrs. Rita Etim, a civil servant in Abuja, shared her story of lending N100,000 to a friend who started making trouble with her when it was time to pay back. The friend eventually paid in installments, but their relationship deteriorated. Etim also narrated another experience where she lent N350,000 to a relative for burial expenses, but only recovered N150,000.
Peter Adebanjo, a businessman in Lagos state, shared a similar experience with a childhood friend who borrowed N200,000 to augment his rent in 2022. When it was time to pay back, the friend started avoiding his calls and messages, leading to a deterioration in their relationship. Adebanjo had to intervene with mutual friends to get his friend to agree to pay back. He has since resolved not to lend people money, instead choosing to give what he can spare without expecting repayment.
Experts have advised Nigerians not to lend money to people if they want to protect their relationships. Kingsley Chukwu, an accountant in Abakaliki, stressed that many people have the habit of not paying back borrowed money. He advised that instead of lending money, people can give what they can spare without expecting repayment. Chukwu noted that it's difficult to maintain a relationship when lending money, and that people may just have to stop lending money to others.
Sanusi Abdullahi, an economist in Abuja, advised Nigerians to be financially disciplined, saying not paying back loans has a significant impact on reputations. He noted that many Nigerians often find it difficult to repay borrowed money due to a mix of psychological tricks, financial habits, and economic pressures. Abdullahi emphasized that borrowers care more about immediate needs than future bills, leading to a failure to repay debts.
The experts' advice is based on the common practice of Nigerians borrowing money for various reasons, including family issues, burial expenses, and rent. However, the lack of financial discipline and the tendency to view borrowed cash as one's own money lead to a failure to repay debts. This has resulted in many people losing both their money and their friends.
To avoid these problems, individuals can adopt a new principle, such as giving what they can spare without expecting repayment. This approach can help maintain relationships and avoid the stress of lending and borrowing money. By being mindful of their financial habits and the potential consequences of lending and borrowing, Nigerians can protect their relationships and maintain a healthy financial lifestyle.
Key points
- Lending money to friends and family members can often lead to relationship problems.
- Financial discipline is essential to avoid the problems associated with lending and borrowing money.
- Giving what one can spare without expecting repayment can be a better approach than lending money.
