FG’s $29.960bn foreign loan

The Daily Trust Editorial of Wednesday, December 11,2019, on the subject loan is timely, needs to be taken seriously by the members of the National Assembly. As it is, Nigeria seems to be sliding back into the threshold of debt trap and we need the NASS to rein in the slide. Unfortunately, all the utterances […]

The Daily Trust Editorial of Wednesday, December 11,2019, on the subject loan is timely, needs to be taken seriously by the members of the National Assembly. As it is, Nigeria seems to be sliding back into the threshold of debt trap and we need the NASS to rein in the slide.

Unfortunately, all the utterances and body language of the NASS leadership, thus far, point to a stupefying worrying posture of a yes-legislature that is willing to, uncritically, approve any proposal from the executive. That would be a sad commentary for a modern day democracy that requires a strong legislature that can provide the needed checks and balances to contain any executive recklessness.

There is not any doubt that Nigeria has a huge infrastructure deficit that needs to be funded, but the way the government’s mind is trained on debt sourcing, it would look like it is only with debts that this can be achieved. What has become of the much-talked-about Public Private Partnership (PPP), which has the potential to finance huge chunks of the roads, power, and other infrastructure in the country?

It is high time Nigeria strived for a paradigm shift in the way infrastructure financing is carried out. We need to explore all available alternative sources. We even have a concessioning agency that has rather been dormant but can be revitalised to achieve huge successes in the provision of infrastructure in the country.

One of the long-term measures that Nigeria needs to adopt is to focus on developing the  private sector through the promotion of entrepreneurship and fashioning out of some fiscal palliatives like waivers, tax shelter, etc, and financial inclusion vide easy access to credit and, even grant, for the budding entrepreneurs.

All these would translate into a well-developed and strong private sector that can easily fill the gaps in service delivery and infrastructure  provision.

Sani Badamasi, 10, Bishop David Abioye Avenue, Andi Kan Estate, Gwarinpa, Abuja.