NEW!  BREAKING NEWS: Top 5 world’s richest people in 2020 Read More

Politics

President Buhari gives reasons for excessive loans under his administration

1 Mins read

According to President Buhari in a statement released by his spokesperson Malam Garba Shehu, the country must fix roads and save lives from perishing in road accidents.

President Buhari on Tuesday September 15, explained why his administration resorted to borrowing money. 

Speaking in a virtual meeting with members of the Presidential Economic Advisory Council (PEAC), Buhari said the strategic reason for borrowing was to provide the infrastructure to make the country attractive to investors.

According to the President in a statement released by his spokesperson Malam Garba Shehu, the country must fix roads and save lives from perishing in road accidents, 

Buhari noted that the country’s failure to provide infrastructure for effective transportation had robbed the country of its well-deserved status.

He said; 

“We have so many challenges with infrastructure. We just have to take loans to do roads, rail and power, so that investors will find us attractive and come here to put their money.”

On the economy, Buhari said; 

“We have to accept that decision; otherwise they (Middle-East producers) can flood the market and make the product unviable. So we have cooperated with what we get. With oil, we are in a difficult situation. The politics of oil is that the less you produce, the less you earn. 

“For us to bounce back to productivity, especially in agriculture, the unemployed with many of them uneducated had to be persuaded to go into agriculture.

‘‘If we hadn’t gone back to the lands we would have been in trouble by now. That is why we virtually stopped the importation of food thereby saving jobs and foreign exchange.”

The Nigerian leader also commented on the issue of COVID-19 pandemic and how it necessitated the government policies on energy (electricity) and petrol.

Buhari added; 

“COVID has reduced us to the same level as developed countries.

‘‘We are lucky we went back to the land. We eat what we produce. We are doing our best to secure the country and provide infrastructure for investment to be viable in the country.”

Read more on our News page

Related posts
NewsMetroPolitics

Uknown fire sets Katsina State House of Assembly on fire (photos)

1 Mins read
An unknown fire has gutted the recently renovated chamber of the Katsina State House of Assembly The fire was put out by…
Politics

BREAKING: President of Chad Idriss Déby who just got reelected, extending his 30 years in power, is dead

1 Mins read
President Idriss Déby who has ruled Chad for 30 years, had campaigned for peace and security in the country afflicted by violence…
Politics

"Governor Makinde you look quiet but deadly" - Fayose

2 Mins read
Fayose in an interview on Channels Television alleged that the thugs who were threatening to kill him were associated with Governor Makinde…
Please SUBSCRIBE for our Latest News

 

0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
×
News

Secondus reacts to constant invitation of Mailafia by DSS

x
0
Would love your thoughts, please comment.x
()
x