President Muhammadu Buhari has said his administration borrowed heavily to fund infrastructural projects across states in the interest of the country.
He was speaking at a virtual meeting with members of the Presidential Economic Advisory Council (PEAC) at the State House, in Abuja.
“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,” the President said after listening to a presentation by PEAC chaired by Professor Ayo Salami.
The president’s comment is coming days after the Debt Management Office revealed that Nigeria’s debt profile increased by N18.89tn under the Buhari led administration to N31.01trn.
On the issue of the economy, President Buhari noted the challenges posed by the “collapse of the oil market” and the decision of the government to abide by the reduced oil production quota allocated by the Organisation of the Petroleum Exporting Countries (OPEC).
“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,” he said.
Earlier, Prof Salami had in his presentation highlighted the Council’s recommendations on poverty reduction and stimulation of non-debt investment inflows, as promised at their last meeting.
The council recommended steps for the effective implementation of government’s plan to lift 100 million Nigerians out of poverty, as well as measures to curb poverty disparity in Nigeria.