Don’t Fund Fuel Subsidy With Loans, Experts Tell FG

LAGOS 

As the nation heaves a sigh of relief over the eighteen month petroleum subsidy extension given by the Federal Government, industry experts have warned against relying on foreign loans to fund the subsidy budget.

Prof John Ebhomien, former World Bank/Inter­national Monetary Fund (IMF) economist and financial management expert and development economist, maintained that the country should not cave in to the whims and caprices of international monetary institutions.

Speaking to Sunday Independent on Saturday, he maintained that if there is probity and accountability in government, the country does not need to go cap in hand to other countries and institutions to borrow to finance its budgets, lamenting that there is a lot of corruption going on in government at all levels.

Hear him: “The laws on financial expenditure and accountability should be implemented. There is a lot of corruption in the Feder­al Government, states and local governments, as well as government agencies.

“If there is accountability, a lot of money will be realized from internal sourc­es to prosecute the budgets.

“The government said it is fighting corruption, but there is a lot of corrupt people in government, and some of the corrupt people even want to contest elec­tion.

“The Economic and Financial Crimes Commis­sion (EFCC) and the ICPC should wake up and do their jobs very well and stop the humongous cor­ruption going on in the public service.”

He added: “The government should ensure that all refineries are refurbished so that they can function optimally. Other oil producing countries are sustaining their economy from the product.

“Government should end the evil works of cartels in the corridors of power who milk the economy dry.

“The Nigerian Labour Congress (NLC) should look the government eyeball to eyeball to ensure that Nigerians enjoy the full dividends of democracy they fought hard to enthrone.”

Also, Dr Tunde Moses Elebute, another develop­ment economist and human rights promoter, while applauding the suspension, said the action was political.