We need more loans to fulfill our promises to Nigerians — Buhari

There has been no shortage of concerns over what critics described as 'senseless' and 'inexcusable' borrowings by the Buhari administration without "any significant development project into which the money was invested." But despite growing concerns and objections by the public including from the hailing camp, the Buhari government thinks its just wailers being wailers.


Special Assistant on Media and Publicity, to President Muhammadu Buhari, Femi Adesina, has previously said worries over Nigeria's rising debt is unnecessary since current figures of loans accrued, were within the capacity of the country’s Gross Domestic Products (GDP) to service and repay.

Adesina said: “Don’t forget that the International Monetary Fund (IMF) came out to say that Nigeria’s economy has the capacity to absorb more loans and that Nigeria is taking below what its GDP can afford. IMF said it and it is on record. Nigeria’s GDP can service more loans than it is taking. That is a vote of confidence in Nigeria’s ability to repay the loans it is taking.



“Taking loans to use for development is not a crime. But taking loans to steal and pocket as we used to have it in this country is what is criminal. You will find out that even the profile of the loans, Nigerians don’t know it."

A recent statement on Tuesday, by the Buhari administration seeking to justify the nation's debt profile, appears to support Adesina's claim that the Buhari government is indeed, open to more borrowings.




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.

The President said his administration needed to take more loans in order to address the deficit in the nation's infrastructure, which according to him, is the only way to attract investors into the country.


“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.