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Nigeria loans: President Muhammadu Buhari justifies borrowing




Nigeria’s President, Muhammadu Buhari, has on Tuesday stated that loans taking from other countries by the Federal Government are needed, else the country would have been in problems by now.

While speaking during a meeting with members of the Presidential Economic Advisory Council (PEAC) at the State House, in Abuja on Tuesday, Buhari stated that his administration take loans to solve the dire shortfall in infrastructure. He stressed that the country must fix its roads to save lives from soaring road accidents.

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“We have so many challenges with infrastructure. We just have to take loans to do roads, rail and power, so that investors will find us attractive and come here to put their money,’’ he said after listening to a presentation by PEAC chaired by Ayo Salami.

He regretted that the failure to provide the infrastructure for effective transportation deprived the country of its well-deserved status as the West African hub for Air cargo transportation and trans-shipment of goods.

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Buhari noted that Nigeria would have been in trouble by now.

“That is why we virtually stopped the importation of food thereby saving jobs and foreign exchange,” the president added.

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