From the CourtPilot Law

Nigeria needs legislation against borrowing

The world risks another crisis consisting of uneducated and unskilled large percentage of over 200 million Nigerians. While the country’s economic crisis continues to ravage citizens, governments at all levels are not showing serious signs of concern but only prioritise loans for infrastructure.

With over N33.10trillion and still counting, the nation’s loan weight, speaking on the fresh requests for the approval of more external loans by FG, states and local government. Barrister Abdulmumeen Busari in this interview with ADETUNJI AYOBROWN bares his mind on ways out and many other national issues including how to put the high number of ‘looking for admission Nigerian youths’ into better use.

What do you think can be done about unscrupulous loans by all tiers of governments in the country?

It is rather unthinkable that because of FG, states and LGs unscrupulous borrowings, Chinese banks would be in the Nigeria market sooner than later. So, borrowings would be made easier, it would become day-to-day activity for local governments, states and FG.

I wish Nigeria had legislation against borrowing. There should be legislation against borrowing if it cannot be out rightly banned. There should be a limit to what FG or any state can take as loans. From FG to states and even to most of the 774 local government councils, after exhausting local borrowing, they went further for foreign loans with World Bank, China and others. There should be a maximum

I want to see a state governor bold enough against debt. Even if that would be his only government’s achievement, I wish there would be a state government or a president who would say rather than borrowing, that he is ready to pay all debts inherited.

But most of our state governments, including the Federal Government, make borrowing a fashionable policy without any ability to think beyond their caps. Interestingly and funny enough, they mostly borrow for things they don’t need.

Though states cannot stand aloof, they must always look for ways of getting money for the smooth running of their states.

There are many other available solutions open to our governments to choose from. But it is rather sad that once there is no money in the coffers of most state governments, they would rather opt for borrowing instead of finding much better ways out of the economic downturn.

Because of the government’s unscrupulous activities in borrowing and loans, Chinese banks are planning to come to the Nigerian market very soon. Which potent is that it would become so easy to borrow as such would then become day-to-day activity for states and the Federal Government. Not before long Nigerian governments at all levels may find themselves wallowing in debts.

The nation’s issue of unemployment among Nigerian youths. Cause for nation concerns and identified as the major source of the country’s unrest in recent times, what do you think can be done?

A good question…imagine asking most young Nigerians of around age 15 upward about what he or she is doing. “I am looking for admission and would be their ready-made answers. As if looking for admission would put food on their tables and mouths.

There should be a platform not for unemployed Nigerian youths for those looking for admission in tertiary institutions. A voluntary forum meant not for those looking for jobs but for admissions into the tertiary institutions.

As a matter of national emergency, the Federal Government must create a platform for youths looking for tertiary admission in Nigeria higher institutions of learning.

‘I am looking for admission’ Nigerian youths are too large in numbers. They are restless and jobless looking for daily jobs with little or none available in the country. Because one of the human’s desperate life moments is immediately after secondary school. At this age, we are prone to many things. With their brains fresh and almost empty, youths are restless and always looking for things to fill their brains.

But such age groups are harnessed, with their better preparation, if tertiary admission fails eventually, he or she can be self-employed with ease with this government program.

But unfortunately, most of our states’ governors lacked employment creation initiatives and economic development creativities. This is why we as Nigerians found ourselves here economically.

Considering Nigeria’s population in the continent and beyond, our size should have been a good advantage.

These figures are so alarming. Asked many Nigerian youths about their daily job, not what he or she is studying, but the work they are doing. I am looking for admission. There have always been chorused answers.

Such voluntary youths’ initiative schemes can be used in different areas urgently needed in the federation. Including farming and other activities for like a year or more where stipends as payment for such are gathered and used to support/grants or as scholarship to those youths during their years when admitted in the tertiary institution.

Their years of service can then be used to support them in schools, I am sure most Nigerians youths would jump up and embrace such wonderful initiatives. Many of the unemployed/looking for admission Nigerian youths would have been taken care off. Though, the NPOWER initiative is similar to this but for another set of Nigerians. And many of those who failed eventually to secure tertiary admission with support can be transformed to continue with learnt crafts for their self-betterment and societal development.

Nigeria with vast areas of land from east to the west, north to south there are many arable lands all over the country. Governments at all levels can take advantage of this and many more. Many From shoemaking to farming to many other handcrafts can be learnt by these youths.

I was on my way to Lafiagi, an area of the Kwara state. I saw hundreds of hectares of arable lands lying fallow, wasting away on both sides of the length of my road journey. Many of our state governments can take from this initiative.

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