The National Assembly’s Senator Jimoh Ibrahim, who represents the Ondo South District, claims that borrowing is the only practical way for the federal government to manage the economy.
Jimoh claimed that Nigeria can only obtain the money it needs through loans due to the size of the nation and the requirement to develop vital infrastructure.
He revealed this on Monday night during an appearance on Channels TV Politics Today.
In his own words: “What do you want to do if you don’t borrow to operate the economy? Where would you like the money to manage the economy to come from? With a total population of 12 million, Dubai owes 168 billion dollars. and observe how they have utilized the funds? Currently, they are repaying at a rate of $10 billion every month.
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Nigeria, a country of 250 million people, currently owes 77 million dollars; you are facing various difficulties. The fact that borrowing is necessary to maintain the economy is therefore the main problem here.
“Last time, I suggested that they pay off the current debt, take on new debt, obtain a moratorium, unwind, and then return home to figure out where they went wrong and address infrastructure development.”
