Atuluku further explained that external borrowing would put the nation under further constraint in the future.
Country Director of ActionAid Nigeria, Ms Ojobo Atuluku said in a statement on Wednesday in Abuja that external borrowing would put the nation under further constraint in future.
Atuluku recalled that the Senate had rejected the Executive’s request for an approval of 29.96 billion dollars loan for infrastructural development.
The ActionAid boss, however, commended the Federal Government for its focus on infrastructural development being the main reason for request to take series of loans.
She noted that already there was evidence that the country had money to finance such projects, but such fund had been illegally appropriated by some individuals.
She said “The Federal Government should intensify efforts at recovering such funds illegally taken by the individuals who have abused their positions and public trust rather than taking fresh loans.
“It should also plug other sources of revenue loss, especially tax fund loss which occur as a result of excessive and unnecessary tax waivers being given to rich multinationals companies.
“The nation loses as much as 2.9 billion dollars every year due to these tax waivers.
“Such waivers are unnecessary and not needed in the first place by the investors, who already find Nigeria’s population and climate, enough incentives for investment.”
The anti-poverty agency boss also called on the National Assembly to show good example in the quest to revamp the country’s economy by reviewing downward some of its members’ allowances.
She described such allowances as excessive and absurd in a depressed economy.
Atuluku commended the Senate for the rejection of Executive’s request for an approval of loans which she said would commit the next generation of Nigerians to unwarranted burden of repaying avoidable debt.
She urged the House of Representatives members not to support the government’s decision to take the 29.96 billion dollar loans.