Lawmaker representing Ondo South in the National Assembly, Jimoh Ibrahim, has backed President Bola Ahmed Tinubu’s led administration over $2.209 Billion foreign loan.
Speaking on Channels Television’s Politics Today on Tuesday, Senator Ibrahim stated that there is nothing wrong in seeking for more loan, as long as it is for the development of the country.
Speaking further, the lawmaker, urged President Tinubu to go for what he described as ‘good money’, and channel it toward infrastructures, including developmental projects.
READ MORE: World Bank Approves $1.57bn Loan For Nigeria
He said: “To be realistic, you need to borrow good money, not all these $2 billion. Anything above $50 billion.
“You can raise bonds. If Mr President decides to visit the United States and launch the nation bond at 10 years at 10 per cent, you will get a $100 billion.
“Everybody wants to go to Dubai. Where did Dubai get the money from? Dubai got the money by borrowing $168 billion and using it for infrastructural development in such a way that you can have the number of people going to Dubai today and the number of dollars that they go with is enormous.
“Dubai is paying back by $20 billion every other year. If the lending market disappears, where are you going to get the money from?
“The key issue is that if you borrow and develop your infrastructure, you are better off.”
INFORMATION NIGERIA reports that Tinubu on Tuesday, asked the National Assembly to approve a fresh N1.767trn external borrowing plan in support of the 2024 Budget.
The post “Borrowing Is Good” – Ondo Lawmaker Backs Tinubu Over Fresh $2.209 Billion Loan Request appeared first on Information Nigeria.
Last modified: November 20, 2024
