Buhari can Borrow to Eternity, US, UK Borrow Too – APC National Chairman

Alt: = "APC National Chairman, Abdullahi Adamu"

The National Chairman of the All Progressives Congress, Abdullahi Adamu has said President Muhammadu Buhari can borrow as much as he wants to keep running Nigeria because countries like the U.S., UK, and France also borrow from the World Bank.

Adamu said this during an interview on Trust TV on Monday

“I remember very well, I told you, and I thought you believed me, that I have no quarrel with the issues of government borrowing. Government can borrow from here till eternity.

“What I quarrel with is if the money is not used for a purpose. The infrastructure we are developing around the country is from these sources.”

Justifying worrying debts accumulated by President Buhari’s led federal government, APC Chairman said “American government borrows. (The) Canadian government borrows. The United Kingdom borrows. France borrows money from the World Bank and other institutions. Nigeria is not an exception.”

Former President Olusegun Obasanjo has described as “foolish and criminal”Bhari’s borrowing spray.

Obasanjo during his regime was able to get debt relief from Paris Club.

The Labour Party presidential candidate, Peter Obi last weekend advised  Buhari to peg the country’s borrowing to 5 per cent of the country’s previous year’s revenue, and such borrowing should be regenerative development projects alone.

“As a matter of urgency, Nigeria must stop borrowing for consumption but only borrow to invest in regenerative development projects and other productive ventures,” Obi said.

According to data by Debt Management Office Nigeria’s debt profile rose to over N40 trillion in March,2022.

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