The Minister of Works and Housing, Babatunde Fashola, has defended the Federal Government’s resort to loans to expand infrastructure in the country.
Fashola, who spoke to the News Agency of Nigeria (NAN), said that the country would not make meaningful progress without taking loans to boost infrastructure.
He explained that borrowing is not a sin and it is part of the essence of keeping the economy growing.
”It is in our own interest that the government does some borrowing and spends it on investment because that sector contributes to the Gross Domestic Products (GDP) and contributes to employment.
“I do not support irresponsible borrowing so let us be clear; there has to be some sense to this,” the minister said.
While pointing out that many developed countries created super economies through borrowing, Fashola said that the recent loans obtained by the Federal Government would not mortgage the future of Nigerians.
“Borrowing is not a sin, it is part of the essence of keeping the economy growing and the armchair economists talking about public expenditure for example who have never run a government must be careful what they feed to the public,’’ Fashola added.
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