James Emejo
concessions to support our growth and technology transfer.
In the same vein, CEO, Global Analytics Consulting Limited, Mr. Tope Fasua, also expressed grave concerns over the country rising debt portfolio with China as well as need for prudence in the management of generated revenues.
In an interview with THISDAY, he said:”I believe the bigger thing to worry about is ourselves and the growing conflation of loans with revenue or the way we easily justify loans ‘so long as it’s for infrastructure.”
“This philosophy cloaks the need for fiscal responsibility- ramping up internal revenue, protecting such and deploying such for our most basic needs. We end up squandering internal revenue and then go cap in hand borrowing from everywhere and seeking for favours. We therefore lose dignity and will fund it tough to lift off from a state of morass.
“I’d say that China presents a better option than the West to whom we have become extremely devalued but we are talking about the lesser of two evils. The evil is our lack of fiscal discipline and loss of dignity in every way. I challenge the philosophy that argues that all countries are borrowing. All countries are not the same.”
“They have different strengths and weaknesses. Very few countries also have Nigeria’s record of profligacy around loans. Trade is permanently skewed against Nigeria as compared with countries like china simply because we haven’t developed the presence of mind to achieve economic complexity; a situation where our goods are sophisticated and command good value,” he further asserted.