Ex- Akwa Ibom gov Attah urges NASS to reject Buhari’s $29.9bn loan request

Former Governor of Akwa Ibom State, Obong Victor Attah, on Tuesday urged the National Assembly (NASS) to reject the $29.9 billion loan request presented by President Muhammadu Buhari if the repayment plan is tied to crude oil sales.

The former governor, in a chat with journalists, also implored the President to restructure the economy and the nation’s governance structure before seeking further loans for project development.

He said if the repayment plan of the Federal Government is to use crude oil earnings to offset the loan, then the country may never come out of the debt trap.

He said: “On this loan issue, there are two things. First of all, on December 18, you heard the president saying that the revenue from oil can no longer develop Nigeria and then that the Senate was considering whether to approve or not to approve the loan request.

“How can anybody, only today be realising that oil can no longer develop Nigeria. Was oil alone ever able to develop Nigeria? This mono-product economy cannot encourage development. You depend on one product to develop the country? It is not possible. We are just burying our heads in the sands.

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“Everybody is talking about diversification but nobody is taking any positive action on diversification. So, how can we possibly grow when we do not diversify? The only way for this diversification is to change the structure of governance, which is what we are talking about, restructuring. Change the nature of the government; don’t do this unitary thing where you collect all the money.

“So long as you are collecting all these money and distributing it, every month everyone goes to collect what they feel is due to the state. If the states would survive, they will go and diversify and then develop other minerals that have never been touched, take to agriculture, revamp manufacturing, tourism and so many areas that we can make money.”

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