Esteemed legal expert Chief Afe Babalola has urged the incoming administration led by Asiwaju Bola Tinubu to prioritise the crucial matter of debt forgiveness from Nigeria’s creditor nations.
Chief Afe Babalola, who is also the founder of Afe Babalola University in Ado-Ekiti, offered this advice during a lecture delivered at the university by Professor Bamidele Adebisi, an expert in Intelligent Infrastructure Systems.
The lecture, titled “Smart Infrastructure: Catalyst for Sustainable Development,” explored the role of advanced infrastructure in fostering sustainable growth.
Highlighting the pressing issue of Nigeria’s foreign debt burden, Chief Babalola emphasised that seeking debt forgiveness from both multilateral financial institutions and creditor countries should be at the forefront of the incoming administration’s agenda.
By doing so, the country would alleviate the strain of debt servicing, allowing for the redirection of resources towards essential developmental initiatives.
Chief Babalola articulated, “It would be imprudent for anyone to invest in a country burdened with extensive debt. As our debt continues to accumulate, we must take decisive action, even as the present administration approaches its conclusion.”
Moreover, Chief Babalola stressed that the development of smart infrastructure relies on the presence of necessary supporting infrastructure, a priority that Afe Babalola University has been diligently addressing.
Additionally, he urged the incoming administration to pursue cost-cutting measures and implement reforms that would streamline governance expenditures and reduce the country’s fiscal burden.
These actions, combined with debt forgiveness, would contribute to the nation’s economic stability and facilitate sustainable progress.
During the lecture, Professor Adebisi underscored the transformative power of technology, particularly in areas such as food production and transportation.
He emphasised that technology has emerged as a pivotal force driving development across all sectors of society, effectively acting as a catalyst for societal progress.
