Chairman of the senate committee on local and foreign debts, Shehu Sani has cautioned states government against collecting “unnecessary loans.”
Hosting the country director of the World Bank, Dr. Rachid Benmassoud, Sani stressed the need for the judicious use of loans borrowed by government at all levels.
“I want to call on the federal government to discourage state government from borrowing under Development Policy Operation. We want to see future borrowings tied to specific projects for accountability and transparency.
“We pledge to work with the World Bank. The era of collecting loans to construct amusement parks is over. The World Bank should do a lot to engage the younger generation,” he said.
In his remark, Benmassoud said the bank was behind the federal government moves to diversify the country economy from oil driven to others sectors.
He said the World Bank was ready to partner with Nigeria in the areas of agriculture and mining in order to generate alternative sources of revenue.
“Unemployment is inimical to growth and development. Human development can guarantee and drive development. We are therefore assisting the country to create a competitive domestic market because it will drive the much needed growth.
“That is why necessary environment should be created by the government by facilitating access to financing, and make investment climate that is conducive because the private sector, whether local or foreign should be part of the solution.
“The government should ensure transparency in its spending because accountability is very important to enhance confidence that would support any effort aimed at getting the support of the people,” he said.
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