Nigeria Should Stop Borrowing For Recurrent Spending – Ogunbiyi


Mutual Benefits Assurance Plc Chairman Dr Akin Ogunbiyi said the Nigerian government should stop borrowing to fund recurring expenses.

Ogunbiyi said this during an interview with our correspondent in Lagos.

“How can you get into debt to meet our recurring expenses?” Is it sustainable? It is a lack of patriotism. The Nigerian government should stop borrowing to finance recurrent spending, ”he said.

Borrowing is not bad when it is done right, he says, because many other countries also borrow for development purposes.

Ogunbiyi urged the government to always conduct debt analysis and be accountable on the use of debt.

He said the loans should be tied to a particular project such as road and education, among others, so that the project is able to repay.

He said the loans should not be diverted to other things but should be funneled to the productive projects for which they were obtained.

Ogunbiyi noted that many road projects in the country have been repeatedly awarded to different contractors, adding that the projects have not been completed after many years.

He frowned on a situation where loans were taken out to finance projects such as roads and railroads, and the projects were scrapped after huge funds were pumped into them.

He said young people could change the country’s narrative, adding that Nigerians should be ready to make changes by participating in the 2023 elections.

He challenged young people to stand up to register for voter cards and vote for the right leaders because they have the people to make the change that would make the country a better place.

Ogunbiyi urged Nigerians not to sell their conscience but to make sure they vote correctly because Nigeria has the potential to be a great country.

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