Written by David Ugbabe
The Minister of Works and Housing, Babatunde Fashola (SAN), has backed the Federal Government stating that Borrowing to fix infrastructure is good for the economy and in the interest of the Nigerian citizens.
According to Fashola who spoke at NANForum, the flagship interview programme of the News Agency of Nigeria (NAN) in Abuja, said the country would not make meaningful progress without taking loans to boost infrastructure. He said, “It is in our interest that government does some borrowing and spends it on investment because that sector contributes to the Gross Domestic Products (GDP) and contributes to employment.”
He further opined that, “The largest debtors in the world today are from the West. But with borrowing, they have created super economies, built massive train terminals, massive airports, schools and hospitals.
“And you know what is happening, we go to use them and they charge us, so who is paying?
“I have heard people say they are mortgaging the future of people. As we are holding this meeting, one new baby has arrived. If you don’t prepare for him, you make that future bleak.
The Minster reiterated that “everybody must keep their eyes open about how money is being borrowed, what it is being used for and whether the debt is sustainable” However, he noted that he does not support irresponsible borrowing to fix infrastructure ,“So long as you are borrowing to invest and you are investing in assets then we can have this debate from morning till night and I don’t think I will come out unsuccessful.”