Abdullahi Adamu, national chairman of the All Progressives Congress (APC), has justified the perennial borrowings of the federal government despite warning from experts and financial organisations on the danger such portend for the country’s economy and debt profile.
Adamu hinged his justification on the fact that developed countries in Europe and North America also borrow for one reason or the other.
Adamu spoke on Monday when he featured on a programme on Trust Television.
He stated that federal government “can borrow from here to eternity”, adding that countries like the US and the UK borrow funds from international financial institutions to meet their needs.
President Muhammadu Buhari has been criticised for his administration’s borrowing to execute projects across the country.
“I remember a programme we had here, I told you and I thought you believed me that I have no quarrel, issues with government borrowing. Government can borrow from here to eternity. The American government borrows, the Canadian government borrows, the United Kingdom borrows, France borrows money from the World Bank and such other institutions,” he said.
“Nigeria is no exception, what I quarrel with is if the money is not used for a purpose and the infrastructure we are developing across the country is from this source.
“You also have to appreciate the fact of the level of revenue accruing to the government, oil is the main thing… We want to see how best we can diversify. These issues affecting the revenue accruing to the government are not our making no matter how good we are, they happen.
“When some countries sneeze we catch a cold. The Ukrainian crisis with Russia is having an impact on our economy and even in bigger economies than our own so why do we limit ourselves in our thinking.”
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