Presidential spokesman, Femi Adesina, in a radio interview on Sunday, said there is nothing wrong in taking more loans to finance specific projects in the country.
“Don’t forget that the International Monetary Fund (IMF) came out to say that Nigeria’s economy has the capacity to absorb more loans and that Nigeria is taking below what its GDP can afford.
IMF said it and it is on record. Nigeria’s GDP can service more loans than it is taking. That is a vote of confidence in Nigeria’s ability to repay the loans it is taking.
Taking loans to use for development is not a crime. But taking loans to steal and pocket as we used to have it in this country is what is criminal. You will find out that even the profile of the loans, Nigerians don’t know it.
The loans will be used for development, for provision of infrastructure, open up and stimulate the economy. These loans are good because they are used for development and that is what this administration is doing. Adesina said.
The loans are within tolerable limit. So, those who are making noise about loans, particularly the outgone government, are only shedding crocodile’s tears because under them, they took loans and pocketed the money and we didn’t see what they did with the loans.
But Nigeria is now taking loans and Nigerians can see what the government is doing with the loans,” he said.