Former Representative Hon. Peter Umoh, who served Oron Federal constituency in the House of Representatives, Akwa Ibom State, believes the federal government can function without borrowing. In an interview in Uyo, Umoh emphasized that the key lies in the President’s political will to make decisions that address the issue.
He expressed confidence that recovering stolen funds and reducing the cost of governance could eliminate the need for government borrowing.
Umoh suggested that reclaiming embezzled funds, along with cutting down on the cost of governance, especially in the context of the economic crisis, could provide ample resources for the government.
He also proposed restructuring the National Assembly, advocating for equal representation from each state in the House of Representatives, thus reducing the financial burden associated with budget defense.
Highlighting the challenge of incomplete capital projects due to insufficient funds, Umoh argued that Nigeria’s cost of governance exceeds its income.
He pointed out that the recurrent expenditure alone strains the federal government’s revenue, leaving insufficient funds for critical capital projects. Umoh cited the example of the East-West road, emphasizing that funding problems have hindered its completion over the years.
In conclusion, he stressed the need for Nigeria to align its expenses with its economic capacity.