President Muhammadu Buhari should spend the $29 billion proposed loan on infrastructure development, and Ibadan traditional chief, Mogaji Adegboyega Adegoke, has said.
He noted that there was nothing wrong if the federal government continued to obtain loan, stating that such money should be channeled towards development of infrastructure, providing more jobs and other social amenities for the citizens.
He gave the advice while speaking with journalists during an end of the year party he organised for his associates, friends and families in Ibadan, the Oyo State capital.
He disclosed that many Nigerians were against borrowing of more money by the federal government due to the previous experiences whereby governments borrowed money on frivolous things and also looted the treasury.
Adegoke, who is the Executive Director, Finance and Chief Financial Officer of OES Energy Services, added that it would be better for Nigeria to borrow more money if the money would not be diverted into individual pocket.
The Mogaji of Abose compound in Olubadan traditional lineage, maintained that Nigeria should endeavour to borrow money to develop the country instead of staying aloof to watch citizens continue living in abject poverty.
His words: “There are instances you need to borrow to bail yourself out of problems. Because, there was a time we went on recession. Tactically, once your GDP growth is negative, two quarters consecutively, then you are in recession.
“And part of the means of getting out of recession is to spend and start putting money in roads construction, infrastructure; spend the money and if you don’t have that money, you borrow the money.
“So, I don’t have issue with borrowing money. I don’t have anything against borrowing so far there are no leakages.
“But, when you borrow and you spend it to develop infrastructure, electricity, I can tell you that if you solve electricity problem in Nigeria, about sixty per cent of our problems will be solved.”
Speaking on the end of the year party, he said it was to make the less-privileged in the society happy.
“I have been doing this for the last 10 years. I have been doing this since I came back to Nigeria from overseas transfer. To alleviate poverty, there must be empowerment and this is an opportunity to do this, poverty alleviation is not all about donating or giving people money.”
