Business & Finance

Recession: Federal Government Urged to Seek Alternative Funding Sources

Economic Recession

The Federal Government has been urged to dump the plan to sell national assets and seek alternative funding sources to bring the economy out of recession.

The government must explore sustainable funding options to put the economy on the path of recovery, according to the immediate past Bishop of Ife Diocese, Church of Nigeria, Anglican Communion, Rt. Rev. Oluranti Odubogun.

Odubogun, a former business executive, spoke at the 2nd session of the 9th Synod of the diocese in Ile-Ife, Osun State.

He said, “National assets are meant to be managed and preserved for generations yet to come. However, if we go ahead with the mind to sell the assets, we make ourselves ingrates.

“With all the earnings we make at the moment, what government needs to do is to prioritise critical people-oriented and economic projects that will contribute to the recovery of the economy.”

“We can use those assets to get the funds that we need to bail the country out of the recession but not outright sale of our assets. Use what you have to get what you don’t have. The nations in the Western world know that we have resources that are outside.”

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The cleric urged President Muhammadu Buhari to intensify efforts to ensure that looted funds stacked in foreign banks are repatriated and injected into productive ventures such as infrastructure development and the manufacturing sector.

There is a need for a sustainable policy to drive the development of mineral resources, according to Odubogun.

The Bishop of the Diocese of Ife, Rt. Rev. Olubunmi Akinlade, commended the Federal Government for its resolve to fight corrupt practices but stressed the need to extend the anti-corruption crusade to the private sector.

“Our nation is passing through a very serious economic recession coupled with avoidable upheld here and there. We commend the present administration for their efforts in fighting corruption.”

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