Nigeria is yet again taking loans, increasing its debt profile like it is a treasury for all, but Nigerians are increasingly calling for an end to embezzlement of government funds.
Recently a young Minister became a topic of discussion after money meant for poverty alleviation found its way into a private account.
In the past, Nigeria wasted borrowed funds on consumption, now we are at a point where such cannot continue.
Successive governments have failed to build infrastructure and grow the economy. This is why some notable persons are speaking out to advice the government.
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A former Director of the Central Bank of Nigeria (CBN), Dr Titus Okunrounmu, has a different desire for the borrowed money.
He wants the Government to develop Nigeria’s infrastructure with borrowed funds.
Okunrounmu said there was nothing bad in borrowing, only if the money would be used on projects that would generate revenue for Nigeria.
The former CBN director believes that investments in infrastructure will attract more foreign investors into Nigeria.
Cease Exporting Crude Oil
He made this observation on Tuesday in Ota, a community in Ogun State.
According to him, using such loans on capital projects that would result in generating additional revenue would hasten the repayment of the loan.
Okunrounmu said there was no crude oil-producing country that exports it to other nations. He said it was a good strategy to improve the nation’s economy.
Also, he cited India as a nation without crude oil yet had a refinery.
“If Nigeria borrowed money and used it wisely on the crude oil, Nigerians would stop sending crude oil to any country.
“Also, the whole West African countries would begin to buy refined petroleum products from us.
“The demand for petroleum products would make the country so rich because of the higher population and will reduce the unemployment rate.”
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He warned against spending borrowed funds for consumptions, paying salaries and purchasing vehicles, among others.
Such actions would make the repayment of the loans difficult, and the economy would not grow.
Okunrounmu urged the Federal Government to do the needful that would make the economy to grow.