Nigeria loans: Buhari justifies borrowing

President Muhammadu Buhari on Tuesday justified his government’s borrowing to finance infrastructure.

He stated that his administration take loans to solve the dire shortfall in infrastructure.

The Nigerian leader spoke on Tuesday at a meeting with members of the Presidential Economic Advisory Council (PEAC) at the State House, in Abuja.

Buhari stressed that the country must fix its roads to save lives from soaring road accidents.

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“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,’’ he said after listening to a presentation by PEAC chaired by Ayo Salami.

He regretted that the failure to provide the 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.

Buhari noted that Nigeria would have been in trouble by now.

“That is why we virtually stopped the importation of food thereby saving jobs and foreign exchange,” the president added.

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