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NASS should legislate against new borrowing – Omotola

By Gbenga Salau
25 December 2021   |   3:52 am
The Group Managing Director of Confederated Facilitators Limited Group, Mr. Lai Omotola has said rather than continue borrowing that is eating deep into the country’s revenue with negative implication on the economy...

Photo; TWITTER/NIGERIAGOV

The Group Managing Director of Confederated Facilitators Limited Group, Mr. Lai Omotola has said rather than continue borrowing that is eating deep into the country’s revenue with negative implication on the economy, the National Assembly should stop approving loans, but legislate against borrowing for the next 20 years.

Speaking at the company’s annual press briefing, Omotola argued that the way out on the constant borrowing is for government to be pro-business to revive the economy and generate more revenue through taxes to build social amenities.

In a statement, yesterday, he said: “Borrowing money is never a good way. The speed at which government borrows money is a lazy man’s approach. We need to stop borrowing for the 20 years and develop ideas to generate income. Legislation should be passed that we can’t borrow for another 20 years. All the money borrowed is already in people’s houses, locked up in their tanks, banks. The money in Nigeria can feed the whole of Africa. We need to do deep thinking and find our own solutions outside borrowing.”

As the country prepares for 2023 with a lot of the political activities happening next year, Omotola said anyone who cares about his name, should not be in a haste to take over the country in 2023 because as the economy sits today, the best the most genius person can do to the economy is to make it remains like this for four years.

He further said the citizens must be cautious in picking who leads the country, by examining not just the strengths of the candidates but also their weaknesses.

“Already, the indices show that things might become more difficult next year. It’s no magic, when your borrowing is eating deep into your revenue and the revenue is not increasing, the result is already known. So anybody that loves his name should not be in a rush to take over such an economy. There must be adequate preparation.”