Bishop Onuoha to FG: Stop mortgaging future of younger generation through borrowing

Worried by Federal Government’s continuous borrowing, the President, Vision Africa International and Co-Chair Interfaith Dialogue Forum for Peace, Bishop Dr Sunday Ndukwo Onuoha, has advised the Federal Government to think of the future generation and end all borrowings, Daily Sun reports.

Bishop Onuoha, who spoke in Umuahia on Monday shortly after returning from his home town, Item, in Bende LGA of Abia State, where he spent his yuletide, said it is important for the Federal Government to define its plans this new year and do away with old habits.

The Global Peace Award Winner 2013 said one of the old habits that FG should shun this year is continuous borrowings from foreign countries, frowning that borrowing appears sweet, revealing that it is always hard to pay back.

In his words: ‘One thing about borrowing is that, while doing it, it appears enjoyable, but where the problem sets in is when you don’t have any hope of paying back or when you haven’t invested wisely with the borrowed money, hence problem may ensue at this point.’

He went on to say that: ‘Borrowing may not be a bad idea if you invest and make judicious use of it, but in the Nigerian context, where there is recession, a lot may not be achieved in terms of payback because those monies go into servicing of old debts without plans to invest.’

The Methodist Bishop urged the Federal Government not to mortgage the future of the younger generation who may be left to service these debts due to its gravity, stressing that it will be unfair to punish them by constantly borrowing without investing wisely to their advantage.

He enjoined Federal Government to invest in the youth who have potentials to unlock grey areas to the benefit of the entire country, noting that investing in them will take care of restiveness and all manners of agitations that witnessed in the country in recent times.

Bishop Dr Onuoha also called for massive investment in agriculture, contending that before the oil boom, agriculture was the mainstay, sustaining the country and providing jobs for millions of Nigerians, urging the FG to invest more in agriculture now that the price of oil globally is down.

He added that if proper attention is given to the sector, it has all it takes to assist Nigeria offset its multiplicity of debts.