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Lai Mohammed clears air on why the FG is seeking fresh 4bn, €710m loans.

Following the latest economic crisis that Nigeria is suffering, a lot of controversies have been generated as regarding the bid of President Muhammadu Buhari about borrowing more funds.

Few days ago, the president of Nigeria had written to the the National Assembly for an approval on the $4 billion and €710 million external loans that he intends to borrow.

According to this letter, these loans would would be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD.

In a town hall meeting at Borno State, The Minister of Information and Culture, Lai Mohammed has cleared the air on what exactly the President intends to do with this borrowed funds. 

The Minister explains that the president is aspiring to build a world class infrastructure that will definitely benefit Nigerians. He affirmed that President does not intend to use this funds to pay for recurrent expenditure or to pay salaries.

Mohammed said, “Naysayers have recently ramped up their criticism of the Buhari Administration for borrowing. These critics are insincere. We are not borrowing for recurrent expenditure or to pay salaries. We are borrowing to build world class infrastructure that will benefit generations of Nigerians. And we have a lot to show for the loans we have taken”.

Content created and supplied by: Debosports (via Opera News )

Borno State EXIM Bank Lai Mohammed National Assembly Nigeria

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