In this interview with NIKE POPOOLA, the Registrar/Chief Executive Officer, National Institute of Credit Administration, Prof. Chris Onalo, speaks on the benefits of driving a credit-based economy
are concerns about the country’s rising debt amid low revenue. Must Nigeria continue to borrow despite its huge debts?
No country operates in isolation from others. There is a global collaboration and there is a global union. Nigeria cannot stay away from it. Nigeria is a member of so many international organisations and there are benefits to being a member. If Nigeria does not utilise its membership benefits, we lose. There is nothing wrong in any government moving to borrow, but we have no confidence anymore. Yes, the money is available for us, but we are saying those monies are not free.
Do you plan to work with the new administration of President Bola Tinubu to grow a credit-based economy and address some of the borrowing challenges? Under the new administration, we felicitate with the President of Nigeria, Bola Tinubu on his momentous election and swearing in as the 16th president of the Federal Republic of Nigeria, which is testimony to his admirable dedication and vibrancy of Nigeria’s democracy. We also wish to extend our congratulations to the Vice-President, Kashim Shettima. It is heartwarming to note that Nigeria under his leadership is moving away from cash-based economy to a credit system.
As a chartered prestigious body of eminent credit management elites in Nigeria, the National Institute of Credit Administration is empowered by law to control, supervise and regulate the credit management profession in Nigeria. The institute preserves, promotes, and protects the integrity and interest of credit businesses across sectors of the economy.
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