President Muhammadu Buhari says Nigerians should appreciate massive borrowings by his regime because it provides resources to meet socio-economic needs of citizens.
“While citizen concern about borrowing is well understood, our resort to borrowing must also be appreciated in the context of the resources required to deliver on the infrastructure, health and other socio-economic needs of our citizens,” said Mr Buhari.
“It remains a major goal of this Administration to continue pursuing its social protection programmes. These programmes provide support to the most vulnerable of our citizens.”
The president, according to a statement by his aide Femi Adesina, said this speaking at the inauguration of the Presidential Committee on the National Economy on Friday.
Nigeria’s debt profile has risen to N41 trillion under President Buhari, according to data by the Debt Management Office.
With the regime proposing to borrow additional N11 trillion to fund the 2023 budget deficit, Mr Buhari’s regime will bequeath to Nigeria, over N50 trillion debt when he leaves office next May.
Former President Olusegun Obasanjo had condemned the continuous borrowing by the Buhari regime, saying accumulating debt for future generations is “foolish and criminal.”
Mr Obasanjo, whose administration is lauded for clearing Nigeria’s foreign debt, wondered what the Buhari-led regime was borrowing for.
