According to President Muhammadu Buhari, his administration went on a borrowing binge to fund projects and generate wealth.
The Nigerian leader reaffirmed that his focus on infrastructure was a purposeful move to generate wealth and fight poverty, adding that the loans they secured were mostly used to fund capital projects for the benefit of the populace.
“As we look at the debt profile, I urge us to also look at the assets and investment profiles, some of which were paid for by debt and some by investment income.
“In eight years, I am proud to say that we have doubled Nigeria’s stock of infrastructure to GDP (Gross Domestic Product) from about 20 per cent to over 40 per cent and that is no small undertaking.
“The projects that we hand over today (yesterday), apart from others, such as rail, sea and airports, a gas pipeline that had been previously completed, symbolise our country’s sharp focus on delivering prosperity.”
He jokingly added;
“If anybody with force moves, I have a good relationship with my neighbours. Niger Republic people will defend me.”