In a recent interview in Uyo, Hon. Peter Umoh, the former lawmaker representing Oron Federal constituency in Akwa Ibom State, shared his optimism that the federal government could manage the country’s affairs without resorting to borrowing.
Umoh emphasized that achieving this goal is contingent on political will and decisive actions by the President.
Umoh proposed two key measures to sustain a debt-free government.
First, he advocated for the recovery of embezzled funds, asserting that substantial amounts could be reclaimed if the government aggressively pursued those who stole from Nigeria.
Second, he underscored the importance of reducing the cost of governance, suggesting a restructuring of the National Assembly to ensure equal representation, regardless of a state’s population.
The former lawmaker argued for a more streamlined National Assembly, where House of Representatives seats are evenly distributed among states, potentially reducing the number to 10 federal constituencies per state.
He reasoned that such a move would lead to a more efficient budgetary process for ministries, departments, and agencies of government (MDAs), cutting down on expenses and avoiding duplication of efforts during budget defense.
Umoh also criticized the excessive cost of governance, pointing out that Nigeria’s revenue falls short of covering recurrent expenditures, let alone funding capital projects.
He lamented the incomplete state of critical infrastructure across the country due to financial constraints.
Drawing attention to the East-West road project, he highlighted funding problems as a major obstacle to completing vital infrastructure initiatives.
Umoh urged a realistic assessment of Nigeria’s economic capacity, emphasizing the need to align expenses with available resources to address the challenges of recurrent expenditures and fund essential capital projects effectively.