The Minister of Works and Housing, Babatunde Fashola, has disclosed that borrowing is not a sin and it’s good for the Nigerian economy.
The Minister defended the federal government’s decision to take loans to cater for infrastructural development in the country.
According to Sahara Reporters, Fashola made this known while speaking with the News Agency of Nigeria, adding that Nigeria cannot make meaningful progress without taking loans to cater for most of the things that need to be done on infrastructure.
According to him, borrowing is not a sin and it is part of the important things that keep the economy growing.
He added that it is in their interest for the government to borrow and spend it on investment which will, in turn, generate employment and contribute to the country’s GDP.
However, the Minister stated that he does not support irresponsible borrowing, stressing that borrowing is good as long as the country is investing it on assets that will boost the economy.
Recall that Buhari’s government has been flayed for borrowing which many of his critics believed is not good for the future of Nigeria.
Fashola’s explanation on the reason why the government needs to borrow may have put every argument to arrest concerning the decision of the government to borrow from foreign countries to finance infrastructure.