Fasua, Nigerian economist laments on rates of borrowing, says the nation is in economic depression.

Fasua, Nigerian economist laments on rates of borrowing, says the nation is in economic depression.

By Charles Segun Adegbite

Nigerian exonomist and the Chief Executive Officer of Global Analytics Consulting LTD, Mr Tope Fasua, has lamented over the rate at which Nigeria is borrowing from foreign organisations and government's.

Speaking on Channels TV programme, News Night on Monday, he noted that Nigeria is not borrowing for the right things.

He condemned the way the foreign loans are being spent, saying there was a deliberate wasting of money being borrowed. 

According to him, there were a lot of diversion of the money borrowed by top government officials and political office holders, to buy exotic cars and acquire wealth while executing the projects the loans are meant for.

Fasua, who was the  presidential candidate of the Abundant Nigeria Renewal Party (ANRP) disclosed that the project that could be executed within a short time with the loan being borrowed is delayed unnecessarily, because of the diversion of the money.

He explained that while he was in Egypt recently, he discovered that it took them just one month to construct a  bridge that will take not less than three years in Nigeria, because of a lot of fraudulent activities that will be carried out in the course of executing such a project in Nigeria.

They deliberately delay the execution of such a project, so that they can increase the cost of executing it, to cover-up their fraudulent activities.

Looking at the state of the nation's economy, Fasua pointed out that while many nations are in recession because of the effects of the COVID-19 pandemic and  borrowing to get out of it, Nigeria is in deep economic recession, which is economic depression, because of bad governance.

On the issue of electric power generation and supply, he made it clear that Nigeria needs to start developing her power generation system rather than waiting for and relying on any foreign company to build such power generation system for her.

He advised that government should assemble highly qualified electrical Engineers and academia in Nigeria universities to come out with ways of generating sufficient power for the various communities, industrial estates and government's establishments, rather than relying on a centralized power supply station.