Nigeria must be careful with foreign aid — it’s neo-colonialism -Okorochoa

Rochas Okorocha, senator representing Imo west, says Nigeria should be wary of receiving aid from foreign countries because it is a form of neo-colonialism.

Okorocha said this on Wednesday while contributing to a debate on a motion sponsored by Ibrahim Oloriegbe, senator representing Kwara central.

The motion was on “the need to make development aid work for Nigerians”.

The lawmaker said Nigeria has received aid in trillions of naira, but that there is nothing to show for it.

“I call this neo-colonialism. We must be careful how we collect aid before it turns to AIDS. I said this because what we are getting right now in terms of aid, if we go back and see what they have done with it; it is not commensurate with the amount of development,” he said.

“What has come as aid, come in trillions of naira, but we cannot justify anything …to show for it…. This happens in the federal government, state government and even NDDC.

“You see people raise billions of naira and you can’t see N5000 work being done.”

While moving the motion, Oloriegbe said without fundamental reforms, there would be a delay in increasing employment and reducing poverty in the country.

“The actual benefits to the country from these aids is only about 40-45%, with 55-60% being lost to transaction costs, wastage and capital flight back to the donor countries through the implementing contractors,” he said.

“The non-consideration of aids/grants in budgets and appropriation do sometimes result in duplication, wastages and inefficiency in utilisation of scarce resources.”

The motion was adopted, and the lawmakers urged the National Planning Commission (NPC) to develop a policy that will ensure that aid is used effectively.