The Nigerian government, over the weekend, said there was nothing wrong with taking loans, in order to mobilise specific projects that would be beneficial to its citizens.
Femi Adesina, who is a presidential spokesman, spoke during a radio programme on Sunday, giving Nigerians assurance, that we have enough capacity to accommodate further loans.
During his interview with an Ilorin based radio station, Fresh F.M, took questions on COVID-19 management and economic issues the country is currently facing.
The spokesman stated that there was no need for concerns to be raised by citizens, concerning the country’s economy. He assured listeners that the current administration under President Muhammadu Buhari, is applying only for loans to the specific projects they are meant for.
Adesina said: “Don’t forget that the International Monetary Fund (IMF) came out to say that Nigeria’s economy has the capacity to absorb more loans and that Nigeria is
taking below what its GDP can afford. IMF said it and it is on record. Nigeria’s GDP can service more loans than it is taking. That is a vote of confidence in Nigeria’s ability to repay the loans it is taking.
“Taking loans to use for development is not a crime. But taking loans to steal and pocket as we used to have it in this country is what is criminal. You will find out that even the profile of the loans, Nigerians don’t know it. Even former president Olusegun Obasanjo gave a lecture where he quoted a figure about what Nigeria owes. The Debt Management Office (DMO) had to come out to correct him. I think he quoted something in the region of $90 billion or $100 billion debt.”