Nigeria needs loan - Buhari

 

  The President, Muhammadu Buhari justified the country’s debt profile on Tuesday. The President had a virtual meeting with members of the board of Presidential Economic Advisory Council from the Presidential Vila, Abuja.

The loan is for important infrastructure such as roads, rail and power according to a statement titled “President Buhari justifies borrowing to fund infrastructure,” by his Senior Special Assistant on Media and Publicity, Garba Shehu.

 “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,’’ Shehu quoted the President 

“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.

“The council promised to set out a full policy paper that would, in the first instance, stop more Nigerians from falling into poverty and thereafter, further plans on reducing the poverty headcount in the country.

“The PEAC also outlined a number of measures aimed at aggressively increasing the country’s non-debt investment inflow, including measures to improve investor perception of the country and the proposed establishment of a $5bn – $10 bn investment and growth fund to invest in.

“The PEAC used the opportunity of the meeting to express support and solidarity with the administration on its recent policies.



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