Experts task FG on measures to discourage new loans

The government should consider concessioning most of them, than envisaging on borrowing from developmental partners

Some financial experts on Saturday suggested to the Federal Government to focus on measures that could enhance the country’s fiscal revenues and discourage new loans.

They made the suggestion in separate interviews with newsmen in Lagos.

Recall that the Federal Government said it is in talks with the World Bank for a $1.5 billion budget support loan.

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said this at just concluded World Bank/International Monetary Fund Annual meeting in Marrakech, Morocco.

The former President Chartered Institute of Bankers of Nigeria (CIBN), Mr Okechukwu Unegbu, said the federal government should reduce its borrowings and focus on gas export.

“More investment is needed in gas production because it’s a cleaner energy and one of the most sort after commodities globally.

“Our country has an enormous reserves in the Niger Delta region, waiting to be harnessed adequately,”Unegbu said.

He noted that the federal government should curb its spate of seeking for loans and consider concentioning some state asset to boost its fiscal revenues.

“They are too many redundant state assets around the country which increases government overhead without serving any economic value to the country.

“The government should consider concessioning most of them, than envisaging on borrowing from developmental partners,”Unegbu said.

In his view, the President Progressive Shareholders Association of Nigeria (PSAN), Mr Boniface Okezie, said the government should cut down the cost of governance.

“Reducing the ostentacious life style of our political class is important to curb the economic wastage.

“Then the loan which the government is expected to borrow can be a smaller percentage that is been demanded from international developmental partners,” Okezie said.

He noted that the government should give more support to the anti-corruption agencies to mitigate economic crime in the country.

“The level of economic crime has assumed a worrisome dimention which is responsible for the slow pace of our development as a people,” Okezie said. (NAN)

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