Why $29.9bn loan will not have impact on economy – ICSAN boss

The $29.9 billion foreign loan being sought by the Federal Government may not make any impact on Nigerians if corruption is not tackled seriously in the country.
President of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), Nat Ofo, said at the 40th annual conference of the Institute in Lagos.
According to Ofo, since other loans in the past had made little or no impact on the citizenry, “what is the possibility that this one will not go the way of others when they have not tackled corruption seriously?
“I am not keen about the foreign loan the Federal Government is seeking for. I am not enthusiastic because corruption has not been dealt with. Unless something special is done, the foreign loan they are seeking, even after getting it, may leak away.
“And if this happens and the money is not used for the purpose it is meant, it will be a big shame and disappointment. The only thing is that government should deal decisively with corruption. It can win it and it should continue the onslaught on those who will be the clog in the wheel of progress of this country.”
Earlier in his keynote address on the theme, “Corporate Governance as a spring board for socio-economic Renaissance,” the President of the Nigerian Bar Association (NBA), Abubakar Balarabe Mahmoud, said corporate governance would boost economy in Nigeria if its practices were fully embraced.
Mahmoud, whose paper was delivered by the Secretary General of NBA, Isiaka Ajibola Olagunju, said: “Corporate Governance practices would be a catalyst to socio-economic revival in Nigeria if fully adopted because it is a practice that gives investors assurance that they would get a return on their investment.”
The NBA president further said: “When companies in Nigeria fully embrace Corporate Governance practices, they become attractive to investors. It is well known fact that investors will not hesitate to take their money around the globe in search of companies with credible and recognisable Corporate Governance arrangements.”
He commended ICSAN for this year’s theme of the Conference ,which he described as “apposite considering the current declining national economy, adding that “the Institute is fast gaining reputation as the most professional body dedicated to enhancing Corporate Governance practice and Public Administration in Nigeria and this is quite commendable”.