A former Nigerian envoy to Algeria and the Philippines, Nnamdi Onochie, has slammed President Muhammadu Buhari regime’s penchant for borrowing, urging it to reverse the Value Added Tax (VAT) to five per cent.

The current VAT rate is 7.5 per cent.

Mr Onochie also stated that any administration keen on fighting corruption should deploy software at all levels of governance to prevent contract over-invoicing and other fraudulent transactions.

In a statement issued in Abuja on Sunday, Mr Onochie contended that retaining VAT at 7.5 per cent would do more harm than good to the populace given current economic hardships.

He argued that it had become necessary for the regime to carry out measures to lift the human condition of the populace amid rising unemployment, especially among the younger segment of the population.

Mr Onochie observed that seeking foreign loans from time to time might not be the way out for the country, urging Mr Buhari’s regime to adopt macro-economic measures to pull Nigeria out of the woods rather than resorting to loans.

“The present administration has largely been borrowing foreign loans and introducing harsh tax methods that have impacted negatively on the populace,’’ he said.

According to him, centralising government procurements will detect insertions of fraud, flag and deter continuation or conclusion of processes, including financial wastes and profligacy.

The ex-diplomat also lamented the persistent rating of Nigeria as a nation with a high corrupt index by international agencies, including Transparency International.

Mr Onochie challenged the ruling APC to make a “visible” impact on the war against corruption since the regime came to power six years ago.

“The most impactful approach to fighting corruption is to prevent it before it happens, thereby eliminating corruption to zero level,’’ the former envoy added.

(NAN)