Global News

Nigeria Needs Loans For Roads, Rail, Power – President Buhari

Nigeria Needs Loans For Roads, Rail, Power – President Buhari (Updated: 2 years ago)


The President, Major General Muhammadu Buhari (retd.), on Tuesday, justified the nation’s debt profile, saying his regime needed to borrow to fund critical infrastructure like roads, rail, and power.

According to a statement titled “President Buhari justifies borrowing to fund infrastructure,” by his Senior Special Assistant on Media and Publicity, Garba Shehu, the President spoke at a virtual meeting he had with members of the Presidential Economic Advisory Council from the Presidential Vila, Abuja.

Buhari spoke at a time stakeholders are expressing concerns over the nation’s rising debt profile and accusing the government of mortgaging the country’s future.

But the President said his regime needed to take loans to address the deficit in the nation’s infrastructure.

He said it was only by doing so that the county could be attractive to investors.

“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,’’ Shehu quoted the President as saying after listening to a presentation by PEAC chaired by Prof Ayo Salami.

Buhari was also said to have regretted that failure to provide 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.

On the economy, the President noted the challenges posed by the “collapse of the oil market” and the decision of the government to abide by the reduced oil production quota allocated by the Organisation of the Petroleum Exporting Countries.

He said,

“We have to accept that decision; otherwise they (Middle-East producers) can flood the market and make the product unviable.

“So we have cooperated with what we get. With oil, we are in a difficult situation. The politics of oil is that the less you produce, the less you earn.”

Shehu said Salami had, earlier in his presentation, highlighted the council’s recommendations on poverty reduction and stimulation of non-debt investment inflows, as promised at their last meeting.

Tags

Add a coment

Recent Posts

Yemi Alade
Yemi Alade
Bad Boy Timz
Bad Boy Timz
Danny S
Danny S
Ruffcoin
Ruffcoin
Dr Dolor
Dr Dolor
JoeBoy
JoeBoy
Johnny Drille
Johnny Drille
Madrina
Madrina
Di’ja
Di’ja
Samklef
Samklef
Popcaan
Popcaan
9ice
9ice
Larry Gaaga
Larry Gaaga
Zlatan
Zlatan
BlaqBonez
BlaqBonez
Kida Kudz
Kida Kudz
Mr P
Mr P
Mascara Vibez
Mascara Vibez
DJ Thunerdex
DJ Thunerdex
Flavour
Flavour
DJ Tunex
DJ Tunex
Dablixx
Dablixx
Otega
Otega
Saheed Osupa
Saheed Osupa
SuperBalat
SuperBalat
Fizzy Mayur
Fizzy Mayur
Nandy
Nandy
Jhybo
Jhybo
Philkeyz
Philkeyz
King Perryy
King Perryy
Patoranking
Patoranking
Yonda
Yonda
Solidstar
Solidstar
Ruger
Ruger
JoeEL
JoeEL
Runtown
Runtown
Seyi Vibez
Seyi Vibez
Tekno
Tekno
M.anifest
M.anifest
Idahams
Idahams
NAIJAKIT.COM