Admin I November 07, 2016
Nigeria – A Chieftain of the All Progressive Congress (APC) in Esan area of Edo State, Francis Onabis has called on the National Assembly to reconsider its rejection of proposed $29.9 billion loan by President Muhammadu Buhari.
Onabis who’s the Chief Head of Italy based financial consultancy outfit, Stillwater consult in a statement said accessing the loan will boast the nation’s ailing economy.
Onabis said the Federal Government should take the loan most importantly to complete the major on going infrastructure projects in Nigeria in the process kick starting the economy from recession.
He said that the people of Nigeria and government should not be afraid to borrow money, Onabis stressed that it’s the only option left to the government to revamp the decayed infrastructures in the country.
“I understand the people and lawmakers against the borrowing are worried on how the government will repay the loan, if properly managed the investments will pay the loan.
“The loan should be used exclusively to fund the completion of the ongoing major projects in the country, the government as a matter of urgency should set up special purpose companies to take over the completion and management of these projects funded with the loan.
“These companies must be position in a way they can be quoted in the various stock exchanges around the globe, this way the government can get back all they have invested in the projects so far to be reinvested in other projects like hospitals and schools.”
Onabis said there must be a change of policies on funding of infrastructures in Nigeria.
“Most importantly, the loan must be used prudently on income generating infrastructures and not to buy luxury cars and planes for the public servants or used for recurrent expenditures.”
Onabis while commending President Buhari’s anti-corruption war, said recovered stolen funds can only be spent after cases are determined in court.
He called on the judiciary to expedite actions on various anti-corruption cases before it, to enable the nation access recovered stolen funds.
“The stolen money cannot be used until the case has been judged but am sure what ever amount that is recovered at the moment is not enough to complete the complete decayed road network in Nigeria.”
He however said Nigeria has more than 200 billion dollars stolen funds stacked in various banks overseas.
“The government must make deal with Nigerians and international agencies to repatriate the stolen money from abroad with an agreement to grant them pardon. I am sure Nigerian has more than 200billion dollars in various banks overseas. If they bring back this money to be reinvested in the economy, Nigeria’s economy will pick up and the loan could be repaid.
He called on President Buhari to setup a crack economic team to help him with solutions to the economic problem facing the country.
“As a country, we have financial intellectuals both at home and abroad that can help solve these economic problems but the same people who will bring these people to the president attention are not doing so just to keep their importance in the society . They have forgotten if the president fails, our party fails and the party leaders fails. This is the time to keep ego aside and help the country,” Onabis added.
