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Nigerians Shouldn't Focus On Rising Debt Profile But On What My Administration Achieved – President Buhari

Nigerians Shouldn't Focus On Rising Debt Profile But On What My Administration Achieved – President Buhari
May 27, 2023

He noted that without borrowing, his idea of investing in infrastructure, charting the road out of poverty and all would have been a "much tougher one". 

President Muhammadu Buhari in last-minute efforts to justify the country's humongous debt profile under him has asked Nigerians not to focus on the debts but to see what his administration has achieved in the past eight years.

 

He noted that without borrowing, his idea of investing in infrastructure, charting the road out of poverty and all would have been a "much tougher one". 

 

Buhari who said this on the backdrop of the many criticisms against his poor administration, noted that as he leaves office in few days, "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% to over 40%, and that is no small undertaking."

 

 

Speaking on his official Twitter handle, on Saturday, he continued, "This happened when global oil prices plunged to almost zero, when we encountered a recession that was not predicted, when we dealt with a pandemic that was unforeseen and when we are still grappling with the global effects of an ongoing war in Europe.

 

"So, as we look at Nigeria's debt profile, I urge us to also look at the assets and investment profiles, some of which was paid for by debt and some by investment income.

 

"The wealth and prosperity of many nations, especially post-war Europe, was built largely on infrastructure and on debt redeemed over decades. Some of the projects are commercially self-liquidating.

 

"Without investing in infrastructure, the road out of poverty is a much tougher one."