The Minister of Information and Culture, Lai Mohammed, has called on Nigerians complaining about the country’s heavy loan burden, to be optimistic, saying that, there is nothing wrong in borrowing, as long as the loans are invested well,
He said on Saturday, that the loans secured by the President Muhammadu Buhari-led Federal Government, are not meant for services or overhead expenditure.
Lai Mohammed spoke during the inspection of the Lagos-Ibadan Standard Gauge, with the Minister of Transportation, Rotimi Amaechi.
Recall, that there have been misgivings in recent times, over the increasing foreign loans, especially the ones taken by Nigeria from China.
Many Nigerians had also expressed fears over the sovereignty clause contained in the loans secured from China, for the railway modernisation projects of the Federal Government.
However, while speaking with Newsmen after the inspection, Lai Mohammed said that he is inspired with the project, adding that, there is no better way to respond to those criticising the loans, than to showcase what has been achieved with the loan.
His words: “There is no better way to answer Nigerians, as to what we have done with the money we borrowed all over the world, than this trip.
“You have seen first hand yourself the Stations, the people at work.
“This is a project that will outlast virtually all of us here.
“Please, come and see for yourself what we are doing with the money we have borrowed.
“We did not borrow money on services, we did not borrow for overhead expenditure.
“We borrowed money for capital projects – rail, road, bridges, and power infrastructures.
“This is the first in the series of inspection we are going to take along with you, to better enlighten Nigerians that there is nothing bad in borrowing, provided that borrowing is invested in infrastructure.
“There is nothing bad in borrowing, if that borrowing is going to create jobs and create an enabling environment for the environment.”
Amaechi, on his part, said that there is enough money for the Lagos-Ibadan project, noting that, the government is only awaiting the approval of the Chinese Government, for the $5.3 billion loan, meant for the Ibadan-Kano train.
“We have enough money for this project.
“So, we have no problem with this project (Lagos-Ibadan).
“So, when we talked to the National Assembly, to stop this their investigation of loans, they are not investigating corruption in construction, it is the issue of loan, what we meant is that they should please allow us to get the loan for Ibadan to Kano ,which is about $5.3 billion.”
More news later…