Buhari defends N70tn debt, says loans well invested

The outgoing president, Muhammadu Buhari has urged Nigerians not to look at the debt profiles under his administration.

AKEWUSOLAF BLOG reports that the president said this via his verified Twitter page on Saturday, just days before he official handover to the president-elect, Bola Tinubu.

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According to him, he urged the mass to rather look at assets and investment profiles of his administration.

According to the Debt Management Office reports, Nigeria’s internal and external debt profile has rose to about N80 trillions between 2015 and 2023 as Buhari’s administration exit on Monday, May 29th.

READ FULL STATEMENT BELOW:

In eight years, I am proud to say that we have doubled Nigeria’s stock of infrastructure to GDP from about 20% to over 40%, and that is no small undertaking.

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.

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