Fashola Reveals Why Nigeria Needs To Continue Borrowing

The Minister of Works and Housing, Babatunde Fashola, has justified the loans obtained by the Federal Government, saying the country needs to borrow for development.

Critics of the current administration have at different times accused President Muhammadu Buhari of mortgaging the future of Nigerians, especially the younger generation.

But speaking at ‘NAN Forum’, the flagship interview programme of the News Agency of Nigeria (NAN), Fashola said the country would not make meaningful progress without taking loans to boost infrastructure.

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”It is in our own interest that government does some borrowing and spends it on investment because that sector contributes to the Gross Domestic Products (GDP) and contributes to employment.”

“I do not support irresponsible borrowing so let us be clear; there has to be some sense to this. So long as you are borrowing to invest and you are investing in assets then we can have this debate from morning till night and I don’t think I will come out unsuccessful.

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“I agree everybody must keep their eyes open about how money is being borrowed, what it is being used for and whether the debt is sustainable. We just delivered a rail programme through the Ministry of Transportation; that is a 100-year asset that you have got now.

“So some economists say wait until you gather the money, that’s bad economics,” the minister said.

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