The Dean, Faculty of Agriculture, University of Abuja, Prof. Park Idisi, has advised the Federal Government to invest funds borrowed in productive projects that could boost the economy.
Idisi said that most of the funds borrowed were not channeled on productive investments that could spin returns or strengthen the naira.
He said that over borrowing was one of the reasons that naira depreciated and lost its value both locally and globally.
Idisi called on government to borrow less and whatever money borrowed should be channeled into productive sector.
“The more government borrows, the more our currency depreciates globally; as long as government is borrowing, our currency will continue to lose its value.
“Government should encourage productive sectors in the economy such as agriculture, industries, mining and other viable area with the funds borrowed, as this will help strengthen the naira and halt it from depreciating.
He also advised the Federal Government to reduce importation of goods and services, adding that depending on foreign goods, technologies and equipment would continue to depreciate the naira.
He added that the administrative sector in Nigeria should be made to consume less from the National income.
“The administrative sector such as, National Assembly, Presidency and MDA are consuming the National income, government must cut it down, how can National Assembly be earning so much and we expect the economy to grow.
“Consuming the national income without investing will continue to depreciate our naira as well.’’
Idisi also called on the Federal government to encourage human capacity technological development skills that could strengthen the naira.
He also tasked the government to domesticate high-technology that could produce heavy equipment, tractors, cars among others, adding that Ajaokuta Steel Company has the capacity to fabricate all of these, if revived.
“This will provide employment for engineers and non-professionals, they will fabricate for industries that produce electricity cables, cars, planes, tractors among others to boost the economy,” he said.
Idisi advised the government to encourage export of goods and services needed in other countries, as this would strengthen the naira, instead of Nigeria strengthening currencies of other countries through imports.
“Sound Micro and Economic Monetary Policy Management is another best approach that government should adopt, this approach would help to grow Nigeria economy and check corrupt practices in Nigeria.
“This is the approach that China adopted to grow its economy, China’s economy was like our economy before but it has taken over the world and its economy is free from corrupt practices,” he said.