The Governorship candidate of the African Democratic Congress, ADC, in Abia State, in the 2023 general election, Bishop Dr. Sunday Ndukwo Onuoha, has frowned at the mortgaging of the future generation by the Federal and State Governments through excessive borrowings.
Bishop Onuoha, the President of Vision Africa International, said one unfortunate development about excessive borrowing is that it will end up enslaving the future generation who will be left with no option than service debts incurred by the modern-day leaders.
The respected cleric decried the high-level of borrowings by States and Federal Governments, maintaining that those who are at the helm of affairs have mismanaged the country’s resources which should enhance the economy of the country.
He said it is an aberration for the present administration that will hand over today at State and Federal levels to continue borrowing and incurring debts for the incoming administration, adding that this development will hinder the incoming administrations from delivering campaign promises as they will spend little resources in the country service debts.
In his words, The Methodist Bishop said, “Who will pay all these debts? This generation has been mortgaged and the future of the children of the next generation has been enslaved. I find it unpleasant that the Federal and State Governments insist on borrowing monies in trillions and billions without minding the implications and where it leaves the country”.
Speaking on the way forward, The cleric charged the incoming administrations to look inwards and develop ways to economically develop the country. He said diversification of the country’s economy remains the best way to bridge the gap of borrowing, stressing that a mono-economy like Nigeria can no longer cope with developing other critical sectors like agriculture, tourism, and entertainment industry among others.
He urged the incoming Dr. Alex Otti’s administration in the state to look into tourism, waste management, agriculture among others, pointing out that developed countries of the world are making serious gains from these key sectors.
