Debt
Top StoryTrending Story

l borrowed in national interest, says Buhari

122

President Muhammadu Buhari has justified his administration’s borrowing to finance infrastructure, saying the  loans are in the interest of the country to solve the dire shortfall in infrastructure.

According to a statement by Senior Special Assistant to the President on Media and Publicity, Garba Shehu, Buhari said this Tuesday at a virtual meeting with members of the Presidential Economic Advisory Council (PEAC) at the State House, in Abuja.

President Buhari said the country must fix its roads to save lives from soaring road accidents.

“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,’’ the President said after listening to a presentation by PEAC chaired by Professor Ayo Salami.

The President 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.

On the issue of the economy, he noted the challenges posed by the “collapse of the oil market” and the decision of government to abide by the reduced oil production quota allocated by the Organisation of the Petroleum Exporting Countries (OPEC).

“We have to accept that decision; otherwise they (Middle-East producers) can flood the market and make the product unviable. So we have cooperated with what we get. With oil, we are in a difficult situation. The politics of oil is that the less you produce, the less you earn,” he said.

President Buhari also stressed the position of agriculture in the government’s scheme to reduce joblessness and poverty.

“For us to bounce back to productivity, especially in agriculture, the unemployed with many of them uneducated had to be persuaded to go into agriculture.

“If we hadn’t gone back to the lands we 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 also broached the issue of COVID-19 pandemic and how it necessitated the recent government policies as they relate to energy (electricity) and fuel.

He said the Federal government took such decisions because it places the country above politics.

“COVID has reduced us to the same level as developed countries.

‘‘We are lucky we went back to the land. We eat what we produce. We are doing our best to secure the country and provide infrastructure for investment to be viable in the country,” he said.

Commending the Chairman and the members of the council for their patriotism and service to the nation, the President  pledged to continue to draw from their wisdom, knowledge and experiences as the nation deals with challenging economic times.

Earlier, Salami had in his presentation highlighted the Council’s recommendations on poverty reduction and stimulation of non-debt investment inflows, as promised at their last meeting.

The council recommended steps for the effective implementation of government’s plan to lift 100 million Nigerians out of poverty, as well as measures to curb poverty disparity in Nigeria.

The council promised to set out a full policy paper that would, in the first instance, stop more Nigerians from falling into poverty and thereafter, further plans on reducing the poverty headcount in the country.

The PEAC also outlined a number of measures aimed at aggressively increasing the country’s non-debt investment inflow, including measures to improve investor perception of the country and the proposed establishment of a 5 billion – 10 billion dollars investment and growth fund to invest in.

The PEAC used the opportunity of the meeting to express support and solidarity with the administration on its recent policies.

It listed the implementation of reforms encapsulated in the Companies and Allied Matters Act (CAMA) 2020 recently signed into law, the reforms in the energy sector, bringing electricity and fuel prices in line with the market, and the decision of the Central Bank of Nigeria to merge the exchange rate of the naira versus other foreign currencies

Leave a comment

Related Articles

Pres. Tinubu hails Abiola, Ezeife, Yar’Adua, Kokori others, urges vigilance against undemocratic forces

President Bola Ahmed Tinubu has paid tributes to iconic Chief MKO Abiola,...

South West Advancement Award to honour Adeleke, Adedeji, Soneye, others on Democracy Day

Eminent Nigerians including the Governor of Osun State, Sen. Ademola Adeleke; Executive...

Just in: NPFL side Doma United’s bus in a ghastly road crash, no lives lost

The Nigeria Premier Football League (NPFL) side, Doma United, was involved in...

Just in: Reps propose a 6-year single term for president, governors, council chairmen

A bill aimed at introducing a single six-year term for the President,...

June 12: Federal Government announces commemorative activities

The Federal Government has unveiled a schedule of activities to mark the...

Nigeria moves to meet EU cocoa export rules by December deadline

With the December 2024 deadline fast approaching, the Nigerian government is hastening...

NAF destroys illegal oil refining sites along Imo River Bank.

The Nigerian Air Force has made giant strides in the fight against...

Breaking: Tinubu Names Major Expressway In Abuja After Prof. Chinua Achebe

President Bola Ahmed Tinubu named the M18 road infrastructure in Guzape District,...

Tinubu Receives Regional Govt. Bill Next Week

President Bola Tinubu will next week receive a bill that aims to...

Just in: Minimum wage negotiations hit brick walls as FG proposes N62,000

The meeting of the Tripartite Committee on the New National Minimum Wage...

Nigerian troops foil oil theft worth N91bln, destroy 3,051 dugout pits

The Nigerian troops have foiled oil theft operations estimated to be worth...

Breaking: Edun submits new minimum wage options, associated costs to Tinubu

Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy,...

Ex-Kaduna Gov. El-Rufai faces probe for alleged abuse of office, money laundering

The Kaduna State House of Assembly received a shocking report on Wednesday...

Nigeria’s current account balance surges by $1.43bn – IMF

The International Monetary Fund’s World Economic Outlook Database indicators have revealed that...

Mine site collapse in Niger State leaves one person dead, 30 others trapped

A mining site collapse in Galkogo village, in Niger State’s Shiroro Local...

Breaking: NLC, TUC suspend indefinite strike

The Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) have...

Organized Labor Calls of Strike

The Nigerian Labour Congress has called of the nationwide indefinite strike 24...

Breaking: FG, Organised Labour approve over N60,000 minimum wage

The Federal Government and the labour unions reached a consensus on Monday...

Minimum wage: FG, labour meet June 4

The Tripartite Committee on National Minimum Wage and representatives of the Nigeria...

Strike: National blackout as TCN workers shut down power

Nigerians are experiencing a nationwide blackout following the collapse of the national...