President Muhammadu Buhari has said that his administration embarked on a borrowing spree for projects and to create wealth.
Reiterating that his focus on infrastructure was a deliberate action to create wealth and stem poverty, the Nigerian leader said the loans they sourced for were largely used to fund capital projects for the people’s benefit.
Buhari who spoke during the virtual inauguration of some landmark projects of his outgoing government insisted that his government was transparent, especially in the application of public funds.
“As we look at the debt profile, I urge us to also look at the assets and investment profiles, some of which were paid for by debt and some by investment income.
In eight years, I am proud to say that we have doubled Nigeria’s stock of infrastructure to GDP (Gross Domestic Product) from about 20 per cent to over 40 per cent and that is no small undertaking.
The projects that we hand over today (yesterday), apart from others, such as rail, sea and airports, a gas pipeline that had been previously completed, symbolise our country’s sharp focus on delivering prosperity.”
He jokingly added:
“If anybody with force moves, I have a good relationship with my neighbours. Niger Republic people will defend me”.