Leadership (Abuja)

3 February 2013

Nigeria: NACCIMA Wants FG to Recover U.S.$29Billion Iocs' Debts

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has said if he Federal Government wants to make further head way in its quest for economic growth, it must find ways to recover the $29 billion the Mallam Nuhu-Ribadu-led Petroleum Revenue Special Task Force discovered International Oil Companies (IOCs) owe Nigeria.

The chambers said there is hope for increased economic fortunes for the country this year, and advised the Federal government to consider friendly incentives to woo companies into the country.

President of NACCIMA, Dr. Herbert Ademola Ajayi,who spoke in Lagos in an exclusive interview with LEADERSHIP SUNDAY said recovering the $29billion and other funds owed the country would enable the government use same to design action programme that would add value to the lives of the citizens.

He advised the Federal government to plough back reasonable portion of excess crude oil revenue into capital expenditure infrastructural development projects.

He said Federal and state governments need to nip in the bud magnitude of external borrowing, saying the development was necessary in order to keep the economy on a clean note.

"The Federal and state governments must curb the high propensity for borrowing from abroad, except from International Institutional Lenders such as IMF, African Development Bank, World Bank, International Finance Corporation,etc, only for specific developmental projects.

"They must also accelerate payment of local debts owed indigenous businesses to enable them expand, generate wealth and create jobs. This is only fair if treated with same attitude shown in collecting debts owed governments."

Ajayi also implored the Federal government to make policy pronouncements on the issue of unclaimed dividends, including the establishment of an Unclaimed Dividend Trust Fund.

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