Managing Director of FBN General Insurance, Mr. Bode Opadokun, in an interview over the weekend disclosed that there is need for Nigeria to review its fiscal policy in order to revive the economy and avoid going back into recession.
In the interview, he stated that the economy has influenced and impacted Nigerian business and the delay in the release of the budget has also impacted negatively on the business, adding that, the Central Bank of Nigeria, CBN, economy might go back into recession.
He further explained that, business thrives only when the economy is moving on a positive side, pointing that all efforts must be made for the economy not to move back into recession.
Speaking on government borrowing funds, he said, “I don’t see anything wrong in government borrowing. However, what does government wants to use it for and what is the plan of paying it back? If it is genuine borrowing and is used for the purpose meant for, then the possibility of paying back should not be a challenge.”
“But l cannot speak for the government in the sense that, we don’t know if what we are told is exactly what the borrowed fund will be used for. Personally, l have done business in the past, and l borrowed and paid back and it put my business in better position. We have seen instances where people borrow and that has been their end, because they did not do their work well.
So borrowing is not the issue, but what do you borrow for and how do you want to pack back. The structure must be clear. If the intention is genuine and very clear, l don’t see anything wrong but once it is the other way, l cannot be in support of that.”
The FBN Ins. boss urged the government to put in policies in place to encourage indigenous organisations. “In essence, to what extent is the government providing the right platform for business to thrive? Government has no business in doing business, rather they should provide the right platform for business to thrive and survive.
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