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PUBLIC DEBT: Problems We Have With It – ICSAN

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(ICSAN) The Institute of Chartered Secretaries and Administrators of Nigeria has advised the government to tie its borrowings to specific projects in order to boost infrastructure development in the country.

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The Institute also enjoined the federal government to provide incentives to boost local production of petroleum products in order to secure the nation’s foreign exchange for critical projects. Speaking at a media parley in Lagos, President, ICSAN, Mr. Bode Ayeku, said:

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“The reason why we are having challenges with our debt profile is that most of those loans were used for consumption. “We could not see tangible assets. That was why I said the government should have dedicated loans for a specific project.

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‘‘This idea of saying ‘ we are borrowing X million naira generally for consumption” won’t work. If it is for maintenance or road construction, you can track that. “If you borrow to build a refinery, it is an asset, an income-generating asset.

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If we have refineries that are working and we are able to produce locally, whatever profit the private sectors are making, the government will be able to make it.”

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