APC Chairman explains why Nigeria must borrow $29.9bn

The National Chairman of the All Progressives Congress (APC), Chief John Odigie-Oyegun, has explained that the present economic realities in the country were enough justification for the $29.9 billion external borrowing that the President Muhammadu Buhari administration is seeking.

It would be recalled that the Senate had earlier turned down the external loan request when it was sent by President Buhari on the guise that the details of the terms of the facility and the sectors where it will be deployed were not included.

In a statement issued by APC publicity unit, the National Chairman, Chief John Odigie-Oyegun, was quoted as having defended the loan, saying that Nigeria must borrow to invest in infrastructure and grow the economy.

The APC National Chairman, who spoke on Sunday night after receiving an award presented to him by the Warri Choral Society at the Muson Center in Lagos, said the borrowings will not be used to pay salaries.

“If you read the newspapers, you hear the President being advised to pump money into the economy. So the question is where is the money coming from? Simple! It has to come from somewhere, including borrowing — both internal and external. To get this country going again, you have to pay contractors. Some contractors have not been paid for 4, 5, 6, 10 years,” he said.