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President Buhari Made Known Why His Administration Has Resorted To Borrowing

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In a virtual meeting  on September 15, with members of the Presidential Economic Advisory Council (PEAC), Buhari said the strategic reason for borrowing was to provide the infrastructure to make the country attractive to investors.

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According to the President in a statement released by his spokesperson Malam Garba Shehu, the country must fix roads and save lives from perishing in road accidents. Buhari noted that the country’s failure to provide infrastructure for effective transportation had robbed the country of its well-deserved status.President Buhari explains why his administration has resorted to borrowing

On the economy, Buhari said; “We have to accept that decision; otherwise they (Middle-East producers) can flood the market and make the product nonviable . 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.

“For us to bounce back to productivity, especially in agriculture, the unemployed with many of them uneducated had to be persuaded to go into agriculture.

He said ‘‘If we hadn’t gone back to the lands we would have been in trouble by now. That is why we virtually stopped the importation of food thereby saving jobs and foreign exchange.”
The Nigerian leader also commented on the issue of COVID-19 pandemic and how it necessitated the government policies on energy (electricity) and petrol.

 

 

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