Former President Olusegun Obasanjo has again wade into issues of national importance in Nigeria. He said it is a crime for the current government led by President Muhammadu Buhari to borrow, because Nigeria is already having a huge debt profile. The truth is that Obasanjo has not said anything new. The question is, should we be borrowing for consumption or borrow for development such as for infrastructure?
Obasanjo's statement is an opinion and not a fact when it comes to the government of President Muhammadu Buhari. Although it is true that if a government is borrowing for recurrent expenditures and not capital expenditures they will put the country in debt. But that is different in the government of President Muhammadu Buhari, infrastructure is everywhere, no sector is untouched. As his administration is building roads, so they are purchasing new state-of-the-art equipment and machinery for the military, farmers, and factories across Nigeria.
It is no doubt that no Nigerian will deny that this administration hasn't performed credibly well in providing infrastructure facilities. That is why the majority of Nigerians are not against borrowing by the government. The abandoned roads, bridges, railway sectors are being resuscitated by the present administration. Even abandoned refineries are being reconstructed to meet oil demand in Nigeria.
Where would the government get all this money from? It is from borrowing from rich countries or at least averagely developed countries around the world. At present, the number one country from which Nigeria is borrowing is China. Which the loan is being used for revamping the railway sector in Nigeria. A sector that has started generating revenue for the government.
Just last month, it was disclosed that the railway sector is generating about 30 million Naira monthly. That is huge, such infrastructure can be used to repay whatever loan that was used to fund its construction. Infrastructure facilities are the bedrock of development in any nation and that is exactly the focus of this administration.
Content created and supplied by: Mrliman (via Opera News )
Opera News is a free to use platform and the views and opinions expressed herein are solely those of the author and do not represent, reflect or express the views of Opera News. Any/all written content and images displayed are provided by the blogger/author, appear herein as submitted by the blogger/author and are unedited by Opera News. Opera News does not consent to nor does it condone the posting of any content that violates the rights (including the copyrights) of any third party, nor content that may malign, inter alia, any religion, ethnic group, organization, gender, company, or individual. Opera News furthermore does not condone the use of our platform for the purposes encouraging/endorsing hate speech, violation of human rights and/or utterances of a defamatory nature. If the content contained herein violates any of your rights, including those of copyright, and/or violates any the above mentioned factors, you are requested to immediately notify us using via the following email address operanews-external(at)opera.com and/or report the article using the available reporting functionality built into our Platform See More