- Justice Mustapha Akanbi, the former chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), has cautioned the federal government against borrowing more money
- Ex-ICPC, who is also a retired chairman of the Court of Appeal, said the federal government should stop borrowing but rather utilize the recovered loot to finance national expenditure
- Akanbi stressed that the government has to innovate new revenue generation strategies instead of borrowing more
The Debt Management Office has said that Nigerian under President Muhammadu Buhari’s administration is presently owing foreign and local creditors sum of N19.16tn.
It also said that the country had spent $127.93m to service foreign debts and N474.06bn to service domestic debts in the first quarter of the year, 2017.
In is reaction, the Acting President Yemi Osinbajo has written to the two chambers of the National Assembly, requesting them to separate the $1.49bn meant for projects in 10 states.
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Osinbajo said that the money is different from the 2016 - 2018 External Borrowing (Rolling) plan of the federal government.
Reports have it that Justice Mustapha Akanbi, a former chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has however cautioned the federal government against borrowing more money.
Akanbi emphasised that Nigeria’s rising debt burden might cause the Economic Growth and Recovery Plan (ERGP) of the Government to become counter-productive.
He has therefore enjoined the government to rather be more creative in revenue generation and more prudent in the management of the nation’s resources.
He made this known on Thursday, June 8, in a summit organized by the Home and Street Kids Welfare Initiative in Ilorin, Kwara state.
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He said: “From my childhood, I have maintained that ‘he who goes a borrowing, goes a sorrowing.’ I do not believe in borrowing. I believe that, however, difficult the time is, the government must work hard to find resources to build a nation.
“So personally, I do not support the idea of borrowing, because we borrowed money some years ago and we had to beg for debt forgiveness, and we had it.”
Funmi Omisope, executive director of the HSKI said it was compostry to assist Nigerians to become job and wealth creators.
Meanwhile, Legit.ng earlier reported that Nigeria’s total debt profile has hit N19.16 trillion after the country incurred a N7.1 trillion in the last two years, according to the country’s Debt Management Office (DMO).
The total debt profile, according to the DMO, was incurred both internally and externally.
The DMO, as reported by Premium Times, explained that the nation’s indebtedness to both local and foreign creditors rose from the N17.36 trillion recorded at the end of December 2016.
Watch this Legit.ng TV Video of a woman crying over the current economic situation and saying because of President Buhari's mismanagement, the market is filled with fake palm oil: