President Buhari explains why his administration has resorted to borrowing

2,184 views · 955 comments
SpekOG
11:39AM, September 16th
President Buhari on Tuesday September 15, explained why his administration resorted to borrowing money.



Speaking in a virtual meeting with members of the Presidential Economic Advisory Council (PEAC), Buhari said the strategic reason for borrowing was to provide the infrastructure to make the country attractive to investors.



According to the President in a statement released by his spokesperson Malam Garba Shehu, the country must fix roads and save lives from perishing in road accidents,



Buhari noted that the country’s failure to provide infrastructure for effective transportation had robbed the country of its well-deserved status.



He said;



“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."


On the economy, Buhari said;



“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.

“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 Nigerian leader also commented on the issue of COVID-19 pandemic and how it necessitated the government policies on energy (electricity) and petrol.



Buhari added;



“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."
955 Comments
emmahorns2
emmahorns2
11:39AM, 16th September
Idiot
kingkush24434
kingkush24434
11:40AM, 16th September
Nonsense
Hormotosho
Hormotosho
11:40AM, 16th September
Good
Hajji1
Hajji1
11:40AM, 16th September
E good now
Onyiisuccess
Onyiisuccess
11:40AM, 16th September
Ok
Iberedem
Iberedem
11:40AM, 16th September
Don't blame u
Desy1
Desy1
11:40AM, 16th September
Ok
Babadidi JY
Babadidi JY
11:41AM, 16th September
Fg
Judeharrison
Judeharrison
11:41AM, 16th September
Wow
Sylvia7
Sylvia7
11:41AM, 16th September
Ok
Pages: 1 of 96
Write A Comment
You have to Login or Register to write A comment.
Start A Discussion