President Buhari Says Heavy Borrowing Is A Tool To Fight Poverty.

As Buhari’s term ends on May 29, Nigeria’s entire debt stock is getting close to N80 trillion.

On Tuesday, President Muhammadu Buhari defended the high borrowing levels under his administration, calling them a “deliberate choice” to combat poverty and spur economic growth for Nigerians.

His Senior Special Assistant on media and publicity, Garba Shehu made this disclosure.

He emphasized that even though he understood Nigerians’ worries, the debts are related to projects that were carried out under very open conditions and are readily visible to anyone.

According to the President, the wealth of other countries might be linked to their infrastructure projects, which were made possible by decades-long debt repayment.

“It has been a deliberate choice for our government as a tool to fight poverty, to create economic growth and employment and to open the path of prosperity for our people,” Buhari said at the virtual inauguration of three bridges, three secretariats and one road project undertaken by his regime.

“In eight years, I am proud to say that we have doubled Nigeria’s stock of infrastructure to GDP from about 20 per cent to over 40 per cent and that is no small undertaking.

“The projects that we hand over today, apart from others such as rail, sea and airports, gas pipeline projects that have been previously completed, symbolise our country’s sharp focus on delivering prosperity,”

“The Ikom Bridge is meant to boost trade in and around the Calabar Port and Free Zone and facilitate transport connectivity from the South-South, through the North Central to the Northeast. This is a bridge across the Cross River itself.

“The Second Niger Bridge, which has been long in the making, and is certainly now a reality, is a bridge of choice across the River Niger to bring relief to those crossing from the South-East to the South-West.

“The Loko-Oweto Bridge, across the River Benue will provide a shorter connectivity for those traversing from Benue to Nasarawa and the Federal Capital Territory. It cuts off travel through Lafia and provides connectivity to Keffi and to Abuja,” Buhari said.