Nigeria’s Minister of Finance, Taiwo Oyedele, has responded to criticism of President Bola Ahmed Tinubu’s recent $21.7 billion external borrowing request, describing the proposed loans as an funding within the nation.
Oyedele made the remarks on Wednesday on the Presidential Villa in Abuja after the Federal Executive Council, FEC, assembly.
His feedback come amid rising criticism of Tinubu’s request to the Senate for approval to safe recent external loans.
Among these main the opposition to the borrowing plan is former Vice President and presidential candidate of the African Democratic Congress, ADC, Atiku Abubakar.
Atiku had urged the Senate to not approve Tinubu’s mortgage request.
Reacting to the criticism, Oyedele defined that the proposed borrowing was meant to fund investments reasonably than merely improve the nation’s debt burden.
According to him, the loans would finance productive investments succesful of driving financial progress and bettering Nigerians’ residing requirements.
“This is investment, not borrowing,” he stated.
He added that the proposed financing ought to be assessed primarily based on the belongings it will create and their anticipated financial returns, reasonably than being seen merely as an addition to Nigeria’s debt burden.
Oyedele additional disclosed that transportation infrastructure accounts for about $10.6 billion beneath the proposed borrowing plan.
He stated the allocation would cowl main tasks, together with the Sokoto-Badagry and Lagos-Calabar highways, in addition to the Kano-Kaduna rail mission.
