Hon. OCJ Okocha, MFR, SAN, GSSRS, JP

Huge Borrowing Is Bad Idea, OCJ Okocha Declares… Insists Nigeria Is Not A Poor Country


(By Iheanyi Ezinwo) – The comment of the Senate president that Nigeria is a poor country has not gone down with many Nigerians including Hon.OCJOkocha, Senior Advocate of Nigeria.

In a communication with znotable Outcome, the former National President of the Nigeria Bar Association showed his disapproval.

“I beg to differ with the President of the Senate of the Federal Republic of Nigeria. Nigeria is not a poor country!

” Nigeria is arguably the 8th largest producer of crude oil; it has vast reserves of gas, and it is currently the largest economy in Africa.

” The problem with Nigeria is the lack of proper management and utilization of the country’s natural and human resources to transform our lives.

” Is it not a big shame that infrastructural development is very poor; our roads are very bad; the country is still unable to generate and supply electricity to its people; manufacturing industries are still shut down and mass unemployment is still our sorry lot.

” The huge sums now to be borrowed, ostensibly for the procurement of military hardware for the war against banditry, criminality, insurgency, etc. is a bad idea.

” It will plunge Nigeria into debt, at a time when revenue generation is abysmal and prospects of repayment are bleak. It will also amount to mortgaging the future economic prospects of Nigeria.

” It is very sad that the Senate has proved incapable of checking the reckless and unjustifiable mismanagement of Nigeria’s economy”, the legal luminary lamented.

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