Foreign Loans: Our borrowings are justified, says Lai Mohammed

The Federal Government has defended its decision to obtain loans to finance its projects amid criticism from different quarters of the country.

The Minister of Information and Culture, Alhaji Lai Mohammed stated that the the funds it has borrowed so far are justifiable because they are being used for the development of critical infrastructure that will benefit Nigerians.

He made this remark while he and Minister of Transportation Rotimi Amaechi embarked on inspection tour of Obafemi Awolowo terminal end of the Lagos-Ibadan standard gauge rail project.

The ministers were accompanied by the officials of the Nigeria Railway Corporation NRC) the contractor handling the project – China Civil Engineering Construction Corporation and a team of journalists.

“There is no better way to answer Nigerians as to what we have done with the money we borrowed, than this project we have inspected. This is one of the many projects that we are doing with the money we have borrowed.

“There is nothing bad in borrowing provided that such borrowing is invested in infrastructure. There is also nothing bad in borrowing provided the funds are used to create jobs and create the enabling environment for the growth of the economy,” he said.

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