President Muhammadu Buhari has said loans taken by the Federal Government were necessary to fund the infrastructural projects.
The President made this known while he spoke at a virtual meeting with members of the Presidential Economic Advisory Council (PEAC) on Tuesday.
According to a statement by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, the President said the strategic reason for borrowing was to provide the infrastructure to make the country attractive to investors.
“We have so many challenges with infrastructure. We just have to take loans to do roads, rail and power, so that investors will find us attractive and come here to put their money,’’ the President said after listening to a presentation by PEAC chaired by Dr. Doyin Salami.
He regretted that the failure to provide the infrastructure for effective transportation deprived the country of its well-deserved status as the West African hub for Air cargo transportation and trans-shipment of goods.
On the economy, President Buhari said, “We have to accept that decision; otherwise they (Middle-East producers) can flood the market and make the product unviable. So we have cooperated with what we get. With oil, we are in a difficult situation. The politics of oil is that the less you produce, the less you earn.”
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