There’s Nothing Mistaken In Borrowing - Lai MohammedThere’s Nothing Mistaken In Borrowing - Lai Mohammed

There’s Nothing Mistaken In Borrowing – Lai Mohammed

As Nigerians proceed to specific fear over the nation’s rising debt profile in China and different nations, the Minister of Data and Tradition, Lai Mohammed, has mentioned that there’s nothing unhealthy in borrowing, supplied the funds are invested in infrastructure fairly than companies or consumption.

In accordance with an announcement launched by his media aide, Segun Adeyemi, the Minister mentioned this on Saturday, August 15, whereas talking with journalists after he and Rotimi Amaechi, minister of transportation, inspected the Lagos-Ibadan rail line.

Mohammed mentioned the federal government doesn’t borrow cash for overhead however for capital initiatives.

“There isn’t a higher approach to reply Nigerians as to what we’ve got accomplished with the cash we’ve got borrowed than this journey. On this journey, you might have seen first hand the stations being constructed, the rail traces, and the people who find themselves engaged on the initiatives.

Slightly than arguing with critics, we opted to permit you (journalists) – the ears and eyes of Nigerians – to come back and see for yourselves what we’re doing with the cash we’re borrowing.

We didn’t borrow cash for companies or overhead expenditure. We borrowed cash for capital initiatives: rail; roads; bridges; energy – infrastructure usually.

There may be nothing unhealthy in borrowing, supplied the funds are invested in infrastructure, particularly when it should create jobs, create an enabling setting for the economic system”  he mentioned

On his half, Amaechi mentioned $1.6 billion is being expended on the Lagos-Ibadan normal gauge rail line and the stations.

He appealed to the nationwide meeting to approve a $5.three billion Chinese language mortgage request to allow the federal government execute the Ibadan-Kano normal gauge rail line.


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