A former chief of defence staff, General Alexander Ogomudia (rtd) yesterday day said unless Nigeria continues to take loans, the present situation in the country, if left unresolved, could lead to inability of government to pay salaries with the attendant consequences of social upheavals.
General Ogomudia who was the chairman at the public presentation/launch of a book titled “200 Most Outstanding Deltans” held at Asaba, Delta State stated;
“We were told that Nigeria needs a total of N13.57 trillion to run as a country but we are barely able to generate N5.5 trillion in revenue out of which, last year, we spent N4.2 trillion on debt servicing thus leaving only N1.3 trillion as against N13.57 trillion which we needed to run the country.
“You will agree with me that resolving this kind of economic challenge will require great financial engineering.” He added that financial engineering was also needed to generate resources that would oxygenate the economy of the nation as well as the foreign reserves needed for the country to interface with the global economic system.
In his remarks, Governor Ifeanyi Okowa thanked the authors of the book for their painstaking effort in putting it together.
The governor who was represented by his deputy, Deacon Kingsley Otuaro said in a population of about six million people that are outstanding in their different respects, picking 200 most outstanding was undoubtedly a very painstaking work.