Foreign loan not bad, but utilisation, says MOUAU don Press "Enter" to skip to content

Foreign loan not bad, but utilisation, says MOUAU don

Professor Sebastine Uremadu of the Department of Banking and Finance, Michael Okpara University of Agriculture, Umudike (MOUAU) Abia State, says there is nothing wrong in requesting for foreign loans, so far the money when received, is put into right use.

Reacting on the alarm raised by the International Monetary Fund (IMF) concerning plans by Federal Government to source loans to finance the 2017 budget, Prof. Uremadub said the alarm from the IMF was only cautionary, adding that if the money is channeled to investable projects, the gains would be wonderful and far-reaching.

The Financial expert warned against “consumptive utilisation of the loan, when sourced, because that had been the bane of previous credit facilities”.

He expressed satisfaction over the recent appointment of Mrs. Aishah Ahmad as the Deputy Governor of Central Bank of Nigeria, (CBN), describing the new deputy governor designate of the apex bank as a good thing to happen to Nigeria’s economy.

Prof Uremadu, who was a former lecturer of Ahmad at the University of Abuja, recalled her sterling qualities as a student, adding that the country’s financial policies and asset management has received a boost because of her appointment, while also canvassing support for her.

He expressed disappointment with critics of her selection, emphasising that a thorough-bred expert has arrived to assist the CBN Governor, Mr. Godwin Emefiele.

He reiterated his earlier call for the rejigging of President Buhari’s economic team, arguing that if technocrats were brought in to give the best advice in financial policy formulation and implementation, the economy would rebound to strength and profitability.

Recall that Mrs. Ahmad was recently appointed by President Muhammadu Buhari to replace Mrs. Sarah Alade, who had retired. She was a top executive at Diamond Bank and also worked at NAL, Stanbic IBTC and Zenith banks before her appointment as the Deputy Governor of the CBN.

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