Debt: Borrowing is not criminal – Tinubu
Bola Ahmed Tinubu, the Nigerian President on Monday, during his first presidential media chat, justified borrowing from international financial institutions to finance the country’s budget.
Tinubu, while answering questions, emphasised that obtaining loans is not a criminal act and that they were received to develop the nation’s infrastructure.
“Borrowing is not criminal. We have serious infrastructural challenges,” he said
In November, the two chambers of the National Assembly permitted President Tinubu to obtain a $2.209 billion external loan, equivalent to N1.767 trillion, which would be part of the funds to finance the 2024 budget.
The president admitted that the previous governments did not judiciously utilise the loans they obtained from foreign institutions, saying rather than trading blame, he would concentrate on the nation’s future.
“Yes, we have headed the wrong road in the past. I don’t want to look at that. I want to think about prosperity. I want to think about tomorrow,” he said.
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The president stated that the loan his administration obtained would be channelled to road infrastructure, technology and power development.
“What is the element of this borrowing? Our roads are terrible. Our internet is not up to the level that we want as a technology-driven nation. We are still indebted to electricity and transmission in the power generation,” he added.
Tinubu said the borrowings were not obtained to inflict pain on Nigerians but to develop the country.
“It’s not just because we want to inflict pain on anybody. These people share the same values. We want this country to grow. Yes, to grow all the way, all the way…,” he said.
Source: Premium Times
