Economy

$29.96bn Loan Request: Expert urges FG to enlighten Nigerians to reduce tension

Dr Uju Ogubunka, an economic expert has urged the Federal Government to enlighten Nigerians on the importance of the proposed 29.96 billion dollars foreign loan towards boosting the economy.

Ogubunka, a former Executive Secretary, Chartered Institute of Bankers of Nigeria (CIBN) spoke in an interview with newsmen recently in Lagos.

He suggested that government should sensitise Nigerians through various platforms, in order to reduce anxieties about the loan.

“Government should begin to reassure Nigerians more through proper clarification about the loan and its conditions, informing us will reduce the fears, build confidence and consensus,” he said.

He said that getting loan to put in place basic infrastructure was one of the best ways of stimulating economic growth.

“Requesting for loan now, is almost inevitable, because of the current price of oil at the international market.

“We are all aware that government’s revenue is inadequate to meet competing demands for development,” he said.

He said that the people’s mistrust for government accessing loans was expected because of previous experiences from past leaders.

Recall that President Muhammadu Buhari had requested the National Assembly to approve an external loan of $29.96 billion to execute key infrastructural projects across the country.

The President’s request was sent through memos to Senate President, Ahmad Lawan, and House of Representatives Speaker, Femi Gbajabiamila.
The president explained that the loan was to finance key projects in different sectors of the economy.

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