Mr. Femi Adesina, the Special Assistant to President Muhammadu Buhari, on Media and Publicity, has enjoined Nigerians to desist from criticising the Federal Governments efforts in securing loans to develop the nation.
Adesina said Nigeria has capacity to secure more loans and so there was nothing wrong borrowing more to execute projects.
Femi also pointed out that the most of the debts which the country is owing was largely borrowed by previous administrations, he stressed that current figures were within the capacity of the country’s Gross Domestic Products (GDP) to service and repay.
His words: “Don’t forget that the IMF came out to say that Nigeria’s economy has the capacity to absorb more loans and that Nigeria is taking below what its GDP can afford. IMF said it and it is on record. Nigeria’s GDP can service more loans than it is taking. That is a vote of confidence in Nigeria’s ability to repay the loans it is taking
“Taking loans to use for development is not a crime. But taking loans to steal and to pocket as we used to have it in this country is what is criminal. You will find out that even the profile of the loans, Nigerians don’t know it.
“Even former president Olusegun Obasanjo gave a lecture where he quoted a figure about what Nigeria owes. The Debt Management Office had to come out to correct him. I think he quoted something in the region of $90b or $100b debt. The DMO office came to say all that this administration has taken is a little over $20b. The DMO also told us what the PDP government left as loans and debt. So, a lot of commentators don’t know the correct profile.
“The loans will be used for development, for provision of infrastructure, open up and stimulate the economy. These loans are good because they are used for development and that is what this administration is doing. The loans are within tolerable limit.
“So, those who are making noise about loans, particularly the outgone government are only shedding crocodile tears because under them, they took loans and pocketed the money and we didn’t see what they did with the loans. But Nigeria is now taking loans and Nigerians can see what the government is doing with the loans.”
Adesina added that, the Federal Government could borrow more to revive the economy after the pandemic ends, if it so wishes.