₦airaland Forum

As Nigerians still express worry over the nation’s increasing debt profile in China and other countries, the Minister of data and Culture, Lai Mohammed, has said that there’s nothing bad in borrowing, provided the funds are invested in infrastructure instead of services or consumption.

According to a statement released by his media aide, Segun Adeyemi, the Minister said this on Saturday, August 15, while speaking with journalists after he and Rotimi Amaechi, minister of transportation, inspected the Lagos-Ibadan line.

Mohammed said the govt. doesn’t borrow money for overhead except for capital projects.

“There isn’t any better thanks to answer Nigerians on what we’ve got through with the money we’ve borrowed than this trip. On this trip, you’ve got seen first hand the stations being constructed, the rail lines, and therefore the folks that are functioning on the projects.

Rather than arguing with critics, we opted to permit you (journalists) – the ears and eyes of Nigerians – to come back and see for yourselves what we do with the money we are borrowing.

We didn’t borrow money for services or overhead expenditure. We borrowed money for capital projects: rail; roads; bridges; power – infrastructure generally.

There is nothing bad in borrowing, provided the funds are invested in infrastructure, especially when it’ll create jobs, create an enabling environment for the economy” he said

On his part, Amaechi said $1.6 billion is being expended on the Lagos-Ibadan railway road and also the stations.

He appealed to the national assembly to approve a $5.3 billion Chinese loan request to enable the govt execute the Ibadan-Kano railway line.

They are not investigating corruption in construction. we wish the National Assembly to permit us to urge the loan for Ibadan to Kano, which is about $5.3bn.

“If you’re telling the person who lent you money you don’t just like the way he lent you, he won’t lend you any more.

“For this one (Lagos-Ibadan rail project), we have $1.6bn that we are contributing about $200 and $300 million. But don’t forget, they need not finished paying, they will stop at any time.”

Check: https://ogatv.ng/theres-nothing-bad-in-borrowing-lai-mohammed/

The same way there is nothing bad in looting the borrowed money abi? Ok

This man can be annoying. One can remember when it was GEJ's time, Lai will shout from the roof tops about everything GEJ does, even if he drank common tea.

One could then imagine if it was GEJ that did all these APC's mindless borrowing(s), I guess we would have been deaf from lai's noise by now...

In a way, Nigeria is going to have to keep on borrowing.

Oil , our major earner, has been below the price we need it to be to have a budget where we don't borrow. (For the record, we need oil at $140 per barrel before we can earn enough cash to run a budget sans borrowing...that's our breakeven price).

While we cannot escape borrowing, our government too should start practicing sensible economics. Like diversificaiton, removing subsides, really fighting corruption, and so on.

Hmmm, I think something is wrong with this man, have you not heard that,
The rich rule over the poor, and the borrower is servant to the lender.
Oga they reason some Mata before you say it out o, make your children no go they look you like one big fool

kikero:
In a way, Nigeria is going to have to keep on borrowing.

Oil , our major earner, has been below the price we need it to be to have a budget where we don't borrow. (For the record, we need oil at $140 per barrel before we can earn enough cash to run a budget sans borrowing...that's our breakeven price).

While we cannot escape borrowing, our government too should start practicing sensible economics. Like diversificaiton, removing subsides, really fighting corruption, and so on.

What happened to the 'recovered loot' and the 're-looted loot'

kessling:
What happened to the 'recovered loot' and the 're-looted loot'

1. The loot is not enough. So far, we have been recovering loot in the millions of dollars. Nigeria needs money in the tens of billions of dollars.

2.Still does not excuse relooting of the loot though.

3.Most of the loot hasn't been returned. So far we have only been talking about the Abacha loot...when there is far more than that.

He's right sha...but too much of borrowing is bad

Everything is bad in borrowing to feed. Nigeria borrows to sustain its recurrent expenditure, and that's borrowing to feed.

anuohia!

Whatz your business..you've already guaranteed the financial security of your generation yet unborn..so Nigeria can borrow to hell..what do you care??

When you're being paid to tell lies for the government..smh

pathetic administration