Babatunde Fashola, Minister of Works and Housing, has said the country needs to continue to borrow to boost infrastructure.
Critics have continued to accused the President Muhammadu Buhari-led government of mortgaging the future of Nigerians, due to the level of borrowings.
However, speaking at a ‘NAN Forum’, the flagship interview programme of the News Agency of Nigeria (NAN), Fashola said the country will not make meaningful progress without taking loans to boost infrastructure.
”It is in our own interest that government does some borrowing and spends it on investment because that sector contributes to the Gross Domestic Products (GDP) and contributes to employment,” the minister said.
“I do not support irresponsible borrowing so let us be clear; there has to be some sense to this. So long as you are borrowing to invest and you are investing in assets then we can have this debate from morning till night and I don’t think I will come out unsuccessful.
“I agree everybody must keep their eyes open about how money is being borrowed, what it is being used for and whether the debt is sustainable. We just delivered a rail programme through the Ministry of Transportation; that is a 100-year asset that you have got now.
“So some economists say wait until you gather the money, that’s bad economics.”