ABUAD Founder, Afe Babalola Advises Incoming Govt On Debt Burden

By Ayodele Oni

Legal luminary, Chief Afe Babalola  has advised that one of the survival strategies for incoming administration of Bola Tinubu is to seek debt forgiveness from Nigeria’s creditors.

The founder of Afe Babala University, Ado Ekiti, (ABUAD) said the new administration should  prioritize debt forgiveness from Nigeria’s creditor countries and from multilateral financial institutions.

He spoke on Sunday on the side-line of a lecture delivered at ABUAD by Professor of Intelligent Infrastructure System, Prof. Bamidele Adebisi.

The lecture was entitled: “Smart infrastructure: Catalyst for sustainable development.’’

Babalola pointed out that debt forgiveness or cancellation would help to relieve Nigeria of its foreign debt overhang, noting that the country currently uses sizeable percentage of its revenue on debt servicing.

He also enjoined the in-coming administration to cut expenditures and undertake reforms that would scale down governance costs as well as ease the country’s fiscal burden.

Delivering the lecture, Prof. Adebisi said technology has become a game- changer to address challenges in the areas of food production and transportation.

He emphasized the importance of technology in all sectors of development, noting that technology has become the catalyst for societal development.